British payments company Earthport has received an approval from the Reserve Bank of India (RBI) to offer outbound cross border payment services to banks in the country.
Earthport is already into facilitating the inbound payments into the country and this approval will allow it to process outbound cross-border payments for banks.
Commenting on the approval, Earthport CEO Hank Uberoi said: “This approval and the IBA’s endorsement is a crucial testimony of the value that Earthport can bring to banks in India. We are engaged with several of these banks and will share more details over the coming months.”
Meanwhile, Earthport appointed Michael Steinharter as its new chief commercial officer, replacing Sajeev Viswanathan who has decided to step down from the board.
Viswanathan will stay on for several months to help the company build its business in India, the company said.
Steinharter has over 20 years’ experience selling to the financial services sector at IBM with significant management responsibility in New York, London, and Sydney.
He has also served as president of Reuters America and built a significant financial services practice at Computer Sciences Corporation (CSC).