Earthport, the cross-border payments service provider, has announced a multi-year partnership with HSBC in order to expand the coverage of the bank’s ‘global disbursements’ product.
Once live, Earthport will facilitate low value cross-border payments across countries which are not currently part of HSBC’s disbursements network to its corporate and financial services clients.
Hank Uberoi, CEO of Earthport, said: "I am delighted that HSBC, one of the largest banking and financial services organizations in the world with a reputation for global service, has chosen Earthport to enhance its cross-border payments product.
The deal will enable HSBC to reach new markets in Central and Eastern Europe and in the Asia Pacific region.
"This is another significant contract with minimum revenue commitments that we have signed with a major Tier 1 bank within a few months.
"Our service is underpinned by a large and growing network facilitation domestic payments in 60 countries globally and we look forward to adding further geographies, enabling additional payment routes to our clients and their customers," added Uberoi.
In April, Earthport secured a three year contract with WorldRemit, a global online money transfer business. The company also partnered with American Express in March 2013.