World Bank Group member IFC has invested $10 million in cross-border payments service provider Earthport, which will use the money to boost its presence in the developing world.
UK-based Earthport offers an electronic account-to-account cross-border payments service, providing an infrastructure designed for remittance and low value trade payments.
The IFC investment will be used to push into developing countries, where Earthport claims it can streamline and simplify cross-border remittances, open up international trading opportunities for SMEs, and increase financial inclusion.
Through the deal, Earthport also becomes part of IFC's network which includes over 900 financial institutions, providing the vendor with access to potential partners and clients in key parts of the world.
Vincent Gouarne, director, infrastructure, IFC, says: "Earthport's technology cuts the costs and delays of international money transfers, facilitating trade for SMEs and remittances for migrant workers - key priorities for IFC in helping people in developing countries improve their lives."