EP-Direct global payments service goes live on Corniche

14 September 2010

Megasol Technologies is pleased to announce that epDirect™ (EPD), a gateway service for smaller payment generators into and through the Earthport Universal Payments Network (UPN) and epClearing™ infrastructure, has gone live and is processing payment transactions on Megasol’s Corniche banking platform.

epDirect™ allows secure, trusted, compliant international payments between most countries and is well suited to serve small-to-medium size businesses, whose cross-border transfers tend to be of lower value, and for which other payments services are often not cost effective or suitable. For example, it permits global payments to suppliers of goods or services; movement of funds from a local to a global bank account; or international payroll payments. The customer will simply making a local transfer in the customer’s own country to a local Earthport account which upon receipt is then through UPN immediately available for payment in the target jurisdiction, again using local payment services.

EP-Direct chose Corniche to act as the basis of its payments services because the Corniche system was already successfully integrated with Earthport’s UPN and epClearing™ infrastructure for servicing the needs of a bank, the company knew the Corniche application, respected Megasol’s experience in integration, and it liked the development path which would allow EP-Direct to move to Megasol’s future Corniche 5 leading edge java-based banking solution in a fast and seamless transition when required.

Earthport Plc (Earthport) has been making national and international Bank payments and collections since 1998. Earthport is a public company and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. Earthport owns, provides and hosts UPN which links an international network of segregated Client Bank Accounts.

Megasol Technologies (www.megasol.se) based in Uppsala, Sweden, produces universal banking software. Because of the flexibility of its engine, the Corniche C3 application has seen service in many other kinds of diverse financial institutions and payment gateways. Since 2007, Megasol has been researching and developing an advanced Java core banking application in partnership with IdealInvent, a Bangalore company with a strong banking consultancy presence in Europe and programming centre in India. Corniche C5 will address the needs of the entire banking spectrum in a series of releases commencing early 2011.

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