Just weeks after receiving approval to facilitate cross-border payments originating from India, FinTech firm Earthport revealed its newest partner to get operations off the ground.
Reports Monday (Nov. 21) said Earthport is working with India’s third-largest bank, Axis Bank, to enable outbound global payments for its users. Earlier this month, Earthport secured confirmation from the Reserve Bank of India to operate in the country.
Axis is now the first Indian bank to loop into Earthport’s network, according to reports. It enables Axis to send cross-border payments via Earthport’s infrastructure for its own customers.
“Through this strategic partnership with Earthport, we shall offer our customers faster remittances with complete transparency on the final amount and time taken to credit beneficiaries overseas with real-time, end-to-end tracking,” said Axis Bank Group Executive of Corporate Banking Sidharth Rath in a statement.
“This agreement with Axis Bank, one of the most tech-savvy banks in the country, is testimony to our pioneering cross-border payments capabilities,” added Earthport Chief Executive Officer Hank Uberoi in a separate statement. “Earthport’s vast global network and unique business model, together with our deep market and regulatory expertise, positions us as a reliable partner to banks in India as they shape the exciting and promising economic future of the country.”
Reports added that Earthport’s entrance into India is part of its overall plan to expand internationally.
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Axis’ participation in Earthport’s network is its latest effort to stay on the cutting edge of global payments and FinTech. Earlier this year, the bank joined the SWIFT global payments innovation initiative, joining dozens of other financial institutions to enhance cross-border payments using SWIFT’s payments messaging platform.
