Cross-border payments service provider Earthport has launched a low-value payments service into Turkey as part of its global expansion strategy. The group said that the new payment route came in response to the growing client demand for cost-efficient, low-value payments into the market and was part of its continuing investment in expanding its service.
Turkey is one of the fastest growing trade markets in Europe. The country’s key role in European trade has seen it rank seventh in Europe’s top import markets and fifth in export destinations, while globally the EU remains the top market for Turkey’s exports, followed by Russia and the US.
Earthport added that launching the service for Turkey would enable clients to reach an estimated 42 million bank accounts. Leveraging domestic clearing, the cross-border payments service allows clients to offer competitive corporate and remittance payments products.
“Our services are underpinned by a global infrastructure which is reliable, resilient, secure and capable of delivering the best possible payments solution to our clients,” said Paul Thomas, executive director at Earthport. “One of the key advantages for our clients is that, once connected to our payments platform, they can easily launch payment services into new regions without incurring significant costs to their business.”
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