Earthport launches new payment route to Brazil to build on existing presence in the LATAM region
Earthport, the cross-border payments service provider, today announces it is adding a new local payment route to Brazil to enhance its cross-border payments infrastructure in Latin America. The new route will build on Earthport’s existing payout capabilities in Peru and Chile and will enable the company to enhance its international reach. Earthport’s clients operating in the Latin American market will benefit from the ability to offer more competitive payment services to their customers by enhancing existing payment products or launching payment products into new territories.
With a large migrant community, Brazil is one of the biggest remittance markets in the LATAM region. Inward remittance flows to Brazil were expected to rise by 16% last year. As an export market growing at 27% in 2011 (higher than world export rates of 20%), Brazil has an increasing role as a global trade partner.
The expansion into Latin America comes in response to the growing demand from financial institutions, enterprises and remittance businesses for local, low-cost payments in the region. The payment route will enable Earthport’s clients to start efficiently routing payroll, pension, accounts payable, consumer payments and remittances to Brazil and speed up the time–to-market for launching new services in the LATAM region.
“With local clearing capabilities in more than 50 countries across six continents, we are continuing to invest in our existing infrastructure to deliver a truly global, efficient white label payments service to our clients,” said Paul Thomas, executive director at Earthport.
“The new payment route to Brazil will allow our clients to leverage a domestic payment scheme to facilitate international remittance and low value trade payments and achieve significant cost efficiencies. Once connected with Earthport’s white label service, our clients have immediate access to multiple payment routes without having to overcome local regulatory issues and payment requirements. This allows them to improve their access to local payments markets worldwide, while innovating with new services and fostering the strategic growth of their business.”