8 Jun 2016 12:00
8 June 2016
Earthport plc
("Earthport", the "Company" or the "Group")
MoneyGram Expands Money Transfer Service to Bank Accounts in Romania
with Earthport Agreement
Service taps into country's $3.2 billion remittance receive market
MoneyGram (NASDAQ:MGI) and Earthport (AIM: EPO.L) announce the launch of a new service that allows MoneyGram customers around the globe to send money directly to any RON bank account in Romania.
Earthport is connected to more than 60 local currency clearing systems and their market portfolio includes strategic corridors for MoneyGram's service. Earthport enables this rich new product offering through a single technical integration, greatly speeding time to market. MoneyGram will be able to accelerate market development with the capabilities of Earthport's global network and product suite.
Pete Ohser, MoneyGram's executive vice president of Americas and Europe said: "This is an exciting and innovative opportunity for MoneyGram. We continue to expand our network and provide convenient ways for customers to send international remittances. We look forward to working with an industry leader like Earthport. At MoneyGram we put the customer first in everything we do. We are certain that our customers will benefit from this continued expansion of our money transfer services."
Daniel Marovitz, President and COO, Earthport said: "We are delighted to announce this collaborative deal with MoneyGram and tie together two powerful and expanding product sets to offer better services to customers worldwide. We aim to "future proof" our clients through continuous investment in technology, compliance and reach. As MoneyGram expands its money transfer services to accounts, we are a natural partner for acceleration and innovation. We look forward to working together on this exciting new development."
According to the World Bank, an estimated $3.2 billion was sent into Romania in 2015. More than $930 million was sent from Italy, $740 million was sent from Spain and another $422 million arrived from Germany.
For further information, please contact:
Earthport plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Panmure Gordon (Nomad and Joint Broker) 020 7886 2500
Fred Walsh / Charles Leigh-Pemberton / Duncan Monteith
N+1 Singer (Joint Broker) 020 7496 3000
Shaun Dobson / James White
Shore Capital (Joint Broker) 020 7408 4090
Bidhi Bhoma / Toby Gibbs
Newgate Communications 020 7653 9848
Bob Huxford / Helena Bogle
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
About Earthport
Earthport is a regulated financial institution providing cross-border payments services to banks, eCommerce providers, money transfer companies and payment aggregators. Earthport is headquartered in London with regional offices in New York, Miami, Dubai and Singapore. Earthport provides its clients with access to a global network of banking partners, through which payments are settled directly via local clearing to beneficiaries in over 60 countries. Earthport's worldwide network is revolutionising global payments, providing a more cost efficient, transparent and reliable solution to the industry. Through a single relationship, clients benefit from sophisticated validation, message transformation and compliance services, efficiently serving their customers with more innovative payment products. Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson. Please visit www.earthport.com for more information.