Earthport has been selected by Axis Bank, an Indian private sector lender, to enable outbound cross-border payments for its clients through the former's global payments network.
Axis Bank will now be able to send payments seamlessly to almost any bank account in the world on behalf of its clients. It has now become the first lender in India to connect with Earthport's global payments network that spans over 60 countries.
The move follows the recent approval by the Reserve Bank of India that allows Earthport to provide payment services to banks in India.
Earthport CEO Hank Uberoi said: "This agreement with Axis Bank, one of the most tech-savvy banks in the country, is testimony to our pioneering cross-border payments capabilities.
“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."
Axis Bank group executive of corporate banking Sidharth Rath said: "Through this strategic partnership with Earthport, we shall offer our customers faster remittances with complete transparency on the final amount and time taken to credit beneficiaries overseas with real-time end-to-end tracking."