Earthport has agreed to partner on the Eurogiro infrastructure. Eurogiro members will now have access to international low-value clearing to the 60 countries where Earthport facilitates local payments, and enabling Earthport to connect to Eurogiro members’ extensive client base.
Eurogiro provides connectivity and payment services, mostly within account-to-account transfers and cash payments, to its membership community of financial institutions. It was founded by a group of European postal organisations focused on improving cross-border payments for their customers. Eurogiro operates a low value/high volume payments system based on straight through processing (STP), transparency and secure cost-efficiency in all parts of the payment chain.
Eurogiro’s reach is now global and includes partnerships with a variety of payment systems and a range of payment methods. Adding Earthport’s capabilities will allow its members access to additional markets and account types.
“Having Earthport join as a member is a very valuable addition to the Eurogiro community,” said Michel Stuijt, CEO at Eurogiro. “Earthport’s business model cuts cost and adds efficiency to traditional correspondent banking methods by tapping direct into the national clearing systems for account transfers. The connection to Earthport provides, especially for our postal members, a great opportunity to expand outbound as well as inbound business.”
Paul Thomas, executive director at Earthport added that over the next few months, the company will be working with Eurogiro to integrate its networks. “As well as providing Eurogiro members the benefits of low value clearing, Earthport also plans to provide value to its own financial institution clients by extending its clearing network to postal accounts through Eurogiro member agreements,” he said.
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