Fiserv is partnering with Earthport, a specialist in cross-border payment services, to provide a solution for international payments processed through the US automated clearing house (ACH).
Announced at the NACHA Payments 2012 show, the partnership will enable Fiserv clients to seamlessly process low value, cross-border payments through PEP+, an online real-time solution for originating and receiving ACH payments.
The integration of Earthport into the PEP+ solution will improve efficiency and lower costs, says Fiserv, and allow its corporate and retail remittance customers to increase the reach of their payment operations by creating one solution for both domestic and international cross-border payments processing.
Earthport provides access to local clearing schemes in more than 50 countries. According to Glenbrook Partners in their recent report entitled ‘Cross-Border Payments Perspectives’ 15% of electronic commerce (e-commerce) transactions are made by overseas buyers, so the extra international capability and ease-of-use inherent in the standardisation partnership should help to grow the market.
”Our partnership with Fiserv will deliver significant value to PEP+ clients and provide them one window for both domestic and international low value payments processing,” said Paul Thomas, executive director, Earthport. “Regulation is demanding more transparency for cross-border payments, and our innovative technology platform was designed from the outset to address this requirement for cross-border corporate and consumer payments.”