Earthport partners with Kotak Mahindra Bank in India

Cross-border payments network provider Earthport announced on Thursday that it had partnered with Indian private sector bank Kotak Mahindra Bank to provide cross-border payment capabilities across select global markets.

The AIM-traded firm said Kotak Mahindra Bank is India's fourth largest private sector bank with a pan-India footprint, of 1,362 branches spread across 689 locations and 2,173 ATMs as at 30 June.

It said the partnership with Earthport would give Kotak Mahindra Bank cross-border payment capabilities across all transaction types between India and the US, UK, Europe, Canada and Singapore.

“Kotak Mahindra Bank is on the cusp of its next growth phase and our partnership with Earthport couldn't have been signed at a more appropriate time,” said Kotak Mahindra Bank president of corporate, institutional and investment banking KVS Manian.

“We are witnessing increasing demand from our customers, which is why we are continuing to expand our cross-border payment capabilities in select global markets.

“We are confident that Earthport's services will complement our offerings and further strengthen our capabilities in serving our clients.”

Earthport was reportedly selected by Kotak Mahindra Bank due to the “superiority of its solutions” over traditional cross-border payment methods, the Earthport board claimed.

“We are delighted with this agreement with Kotak Mahindra Bank and look forward to working together,” said Earthport CEO Hank Uberoi.

“This relationship increases our presence in Asia while further cementing Earthport's position as the number one provider for cross-border payments.”