UK e-payments vendor earthport has won a three year contract to supply a retail banking system to online payments processor Interconsult Europe.
Shares in earthport soared by 21% on the news, rising to £1.15 in morning trading from an overnight close of 95 pence.
Interconsult will use earthport's Universal Payment Network (UPN), stored value wallet system and banking network to develop and expand its existing facilities and services to a wider market.
Under the contract, earthport will manage accounts and payment transactions between Interconsult's merchant clients in Europe and their customers.
Earthport will provide account management, online merchant services, person-to person remittances, debit card back office services, fraud management and customer validation (KYC) and transaction monitoring systems and services.
The vendor expects revenues from the contract to total £360,000 during the first year, rising to £1,400,000 during the second year and £3,100,000 during the third year of operation.
Rick Frost, commercial manager, earthport, says the contract win is "further proof of earthport's appeal to the financial sector, where participants are looking to differentiate themselves in the competitive financial market".