The newly introduced payment channels will allow clients to offer payments into these markets. The addition of this route will allow Earthport to provide services to three of the top four remittance markets in the LATAM region, enabling clients to roll out remittance payment services in response to the increasing demand for more payments into the region.
According to Paul Thomas, executive director at Earthport, in addition to leveraging Earthport’s local clearing capabilities in more than 50 countries, clients will also gain access to a payments service that achieves the transparency required under Dodd-Frank 1073.
At USD 22bn (GBP 14bn) worth of remittance payments a year, Mexico is the fourth largest remittance market in the world after India, China and the Philippines.
Earthport provides white-label cross border payment services. Through its international platform, Earthport offers global payment capabilities in 200 countries worldwide. Through integration with Earthport’s services, banking and money transfer organisations are able to offer an increased range of international payments products to their customers.
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