Earthport expands cross-border payments in India

Axis Bank has become the first Indian bank to use Earthport’s, cross-border payments service, following approval from the country’s central bank.

India's third largest private bank will allow its clients to make outbound cross-border payments through the AIM-listed company's network of over 60 countries.

On 3 November, Earthport gained approval from the Reserve Bank of India to allow cross-border payments, and this agreement with Axis Bank marks the company's first entry into the Indian market.

Hank Uberoi, Earthport chief executive, said: "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."

Sidharth Rath, Group executive, Corporate Banking at Axis Bank added that the partnership will offer its customers faster remittances, with transparency on the final amount and time taken to credit beneficiaries overseas with real-time end-to-end tracking.

Shares in Earthport were up 4.73% to 19.38p at 0803 GMT.