BNP Paribas, Belgium’s largest bank with an annual revenue of $49 billion, recently announced that its subsidiary BNP Paribas Fortis partnered with Earthport.
Ripple Labs partnered Earthport is a regulated financial institution whose cross-border platform represents the largest open network for global bank payments.
Ripple had announced the partnership with Earthportin the year of 2014. Succeeding which, Earthport integrated Ripple’s protocol into their existing payments network. Ripple’s cross-border payments solution would enable Earthport’s customers to benefit from lower liquidity management costs along with maintaining the regulatory standards.
BNP Paribas’ partnership with Earthport would enable them to gain access to Earthport’s payments network which offers lower cost and transparent international payments.
The regulatory expertise of Earthport strengthens BNP Paribas’ current risk and compliance framework. This will also enable BNP Paribas to facilitate services into new regions by fulfilling customers’ requirement.
Earthport’s payment services have a wide outreach which includes both businesses and banks. The Earthport platform gives access to a global ACH network, which is an electronic network that processes large volumes of credit and debit transactions in batches. Furthermore, Earthport will ensure transparency, cost-efficiency, and predictability without enforcing any landing fees of intermediary deductions.
Earthport claims to offer “Peace of mind” to its customers by assisting them with their growth by providing solutions in cash management, treasury, and end-to-end foreign exchange.
CEO of Earthport, Amanda Mesler stated that they were very excited to start the first stage of live deployment with BNP Paribas. Furthermore, consumers and businesses were expecting the same convenience and speed in processing international payments as they did with domestic payments. She added:
“That’s why this collaboration is focussed on evolving our network and setting new industry benchmarks on predictability and transparency for our clients and their customers”
Head of BNP Paribas’ Payment and Receivables Cash Management, Damien Godderis stated that Earthport had been supporting BNP Paribas with the help of their payments network which had a global outreach. He stated that the partnership gave BNP Paribas access to both established and emerging markets. Damien further added:
“We are committed to providing the best service and options to our customers”
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