A pressrelease revealed that the french international banking group chose Earthport as their global payments specialist. A financial service company who provides Automated Clearing House (ACH) cross-border payment services.
First out to deploy the payment service is a subsidiary of BNP Paribas called BNP Paribas Fortis, Belgium’s largest bank with annual revenues of 43 billion euros.
An automated clearing house (ACH) is an electronic funds-transfer system that deals with payroll, direct deposit, tax refunds, consumer bills, tax payments and many more payment services. ACH payments are a form of electronic payments, created when a customer provides an originating corporation, institution or other customer (originator), for the purpose of bill payment, gives authorization to debit directly from the customer’s checking or saving account.
The partnership will enable BNP Paribas to access the Earthport payment network which in turn makes new regions accessible in a quick and easy way. Accessing the ACH network will enable predictability, transparency and cost-efficiency at a higher level. One clear advantage is for example that intermediary deduction and landing fees are removed.
“We are committed to providing the best service and options to our customers. Earthport supports us in doing this through the global reach of its payment network, which means our customers have access to established as well as emerging markets which are increasingly becoming more important”, said Damien Godderis, Head of Payment Networks, BNP Paribas, in a pressrelease.
Earthport wish to provide a peace of mind to their clients and supporting them with their growth through end-to-end FX, treasury and cash management solutions.
“Consumers and businesses expect the same ease and speed for their international payments as they get with domestic ones. That’s why this collaboration is focused on evolving our network and setting new industry benchmarks on predictability and transparency for our clients and their customers.” commented Amanda Mesler, CEO of Earthport, in a pressrelease.