Earthport and Decillion Partner in Cross-border Payments Services
Earthport, the cross-border payments service provider, and Decillion Group, a systems integrator and SWIFT service bureau operator, have partnered in the Asia-Pacific region. Under the agreement, Decillion will introduce Earthport’s payments service to its 160-strong banking customer base in the region.
Decillion, a subsidiary of NEC, is headquartered in Singapore and has established local offices in Australia, China, Vietnam, Indonesia, Malaysia and Thailand. The company says that it can now offer customers a dedicated payments service for low value cross-border payments, which will complement its existing systems and services for anti-money laundering (AML) and international payments.
The two partners comment that international migration has doubled in the past 25 years, to more than 200 million people who now generate over two billion individual transactions per annum. Global trade and migration continues to grow, with export volumes increasing by 14.5% in 2010 and is forecast to expand by 6.5% in 2011. These factors, together with the explosion in growth of e-commerce, are driving increased demand for payments services specifically for low value payments.