The payments service provider and remittance specialist, Earthport, has partnered with Decillion Group, a SWIFT service bureau operator, in the Asia-Pacific region. Under the agreement, the latter will introduce Earthport’s payments service to its 160-strong banking customer base in the region.
Decillion, a subsidiary of NEC Corporation, is headquartered in Singapore and has established local offices in Australia, China, Vietnam, Indonesia, Malaysia and Thailand. The company says that thanks to its strategic partnership with Earthport it can now offer customers a dedicated payments service for low value cross-border payments. The service will be integrated with its existing Anti-Money Laundering (AML) systems for international payments.
The partners comment that international migration has doubled in the last 25 years, to more than 200 million people who now generate over two billion individual transactions per annum. Global trade, and migration with it, continues to grow with trade export volumes increasing by 14.5% in 2010. It is forecast to expand by 6.5% in 2011. These factors, together with an explosion in the growth of e-commerce, are driving increased demand for payments services, specifically low value payments.
By Neil Ainger