Earthport has snapped up another cross-border payments deal, this time with Decillion Group, a system integrator and software solution provider.
Earthport partnered with Fiserv a few weeks ago and announced a similar partnership. Now Earthport is expanding its services into Asia-Pacific through Decillion, which will introduce Earthport’s payment service for low-value cross-border payments to its banking customer base in the region.
Decillion Group CEO, Thomas Lee said:
“Decillion has a wide portfolio of systems and services for international payments. Earthport will be a natural fit and complementary offering to help with our customers’ requirements for enhanced efficiency, transparency and reach for low value payments.”
Decillion Group, a subsidiary of NEC, operates a SWIFT Service Bureau that connects more than 130 financial institutions and several corporations.
In a statement the companies said there are different factors behind the increased demand for low value payments services:
- International migration, that has doubled in the last 25 years to more than 200 million people who now generates over 2 billion individual transactions per year;
- Increasing global trade, with export volumes that grew at a 14.5% rate in 2010 and forecast to expand by 6.5% in 2011;
- These two factors combined with the explosion in growth of e-commerce.
Paul Thomas, executive director, Earthport said:
“Decillion Group is a strategic partner for Earthport as it is very well established, both in the Asia-Pacific region and in the international payments industry.”
“We believe the partnership will help institutions in Asia to address the surge in demand for low value corporate and retail cross-border payments.”