Two recent examples show where the biggest revolution in payment systems is happening: the new players and their systems and services are inter-connecting with established providers.
ACEL use Earthport to expand its bank-to-bank capability
Earthport*, a leading payment network for cross-border transactions, have announced their partnership with Aftab Currency Exchange Limited (ACEL), a global money transfer business. ACEL has partnered with Earthport to expand its bank-to-bank capability following strong growth in its electronic bank transfer service.
Initially, ACEL will use Earthport's capabilities to strengthen its EU offering with a view to further expansion globally over the coming months.
This partnership supports ACEL's vision to become a global leader in the money transfer business and the first choice for people without access to traditional bank services where money transfer is the only option.
TransferWise integrates into UK FPS as Raphaels Bank tech partner
TransferWise, a money transfer company, has integrated into the UK’s Faster Payments Service (FPS) as technical partner to Raphaels Bank. This partnership is the first to allow a tech company direct access to the FPS as a technology partner to a direct member.
It will result in transfers being processed instantly after TransferWise has received the payment from the customer’s bank. Also TransferWise customers will now have an uninterrupted 24/7 payments service and no longer be subject to occasional bank downtime that can delay payments.
* Earthport's payment network offers clients access to an evolving suite of payment methods in over 60 countries in a fast and highly cost effective manner, following the same rigorous compliance processes necessary in a global payments environment.
CTMfile take: The connections between the new players are opening up opportunities for corporate treasury department to reach very diferent customers and markets. In coming months CTMfile will be reporting on these opportunities.
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