Earthport PLC New Payments Route into India (1708D)

TIDMEPO

RNS Number : 1708D

Earthport PLC

25 April 2013

Earthport plc

("Earthport", the "Company" or the "Group")

New Payments Route into India

Earthport expands cross-border payments network to enable low cost remittance transfers and trade payments to India

Earthport (AIM: EPO), the cross-border payments service provider, announced today that it is launching a new payments route into India. The new route will allow clients to leverage Earthport's local payment clearing capabilities to offer predictable, transparent and cost-efficient payments into India.

With a $70 billion inflow of remittance payments in 2012, India is the top remittance destination and largest remittance market in the world. The cash inflow from remittance payments is contributing to India's economic growth, which is expected to grow by 6.4% by the end in 2013.

Remittance flows to developing countries are forecast to rise by 8% and 10% respectively in the next two years, reaching $534 billion in 2015. This significant growth will boost the cash flow between the main remittance corridors for India with diaspora in the UAE and USA generating the highest volume of remittance payments to this country.

The opening of the new payments route will enable Earthport's clients to expand their payments services in the region and quickly launch retail and corporate payment products into India.

Hank Uberoi, Executive Director of Earthport plc, commented: "The continued expansion of our global network is a key part of our growth strategy, providing our clients with local payment clearing capabilities into over 50 countries.

"India's growing economic and geostrategic importance means it is a key market for us and a logical next step in the expansion of our network. The new payments route will allow us to offer more predictability, transparency and convenience for clients looking to launch remittance payment services in the region."

For further information, please contact:

 
Earthport plc 
 Hank Uberoi / Paul Thomas/ Chris Cowlard      020 7220 9700 
Panmure Gordon 
 Fred Walsh / Victoria Boxall                  020 7886 2500 
Charles Stanley Securities 
 Mark Taylor / Paul Brotherhood                020 7149 6000 
Newgate Threadneedle 
 Caroline Evans-Jones / Josh Royston / Fiona 
 Conroy                                        020 7653 9850

About Earthport

Earthport plc, a regulated global financial services organisation, specialises in the provision of a white label cross-border payments service.

Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport's clients include banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses. Through Earthport's well established payments infrastructure, clients can clear and settle payments directly to banked beneficiaries in over 50 countries.

The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us on Twitter @Earthport.

This information is provided by RNS

The company news service from the London Stock Exchange

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