News 18/10/17

Earthport powering ahead with Trace Financial’s Transformer

Trace Financial announced today that Earthport, the cross-border payments provider, is using Transformer’s powerful message and data transformation capabilities widely across the enterprise, since licensing the product earlier this year.

Transformer is enabling Earthport to provide its growing client base with increased flexibility in the format of payment instructions. While supporting a wide range of payment message standards ‘out of the box’, Transformer also allows additional, proprietary formats to be defined and mapped quickly. Overall, client integration and on-boarding is easier and faster – and Earthport’s clients can in turn offer a greater range of format options to their retail and corporate customers.

Earthport is also using Transformer in the production of outbound payment files, as a wide diversity of formats is required by its large global banking network.

“Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients”, said David Green, Head of Product Management at Earthport, “Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board additional clearing banking partners in new countries. In so doing, Transformer supports Earthport’s international network expansion strategy.”

John Murphy, Managing Director of Trace Financial said: “We are delighted that Earthport is already realising such strong business benefits from using Transformer to address the financial world’s diversity of standards and formats”.

About Earthport

Earthport plc, a regulated global financial services organisation, specialises in the provision of a white label cross-border payments service.

Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport’s clients include banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses.Through Earthport’s well- established payments infrastructure, clients can clear and settle payments directly to banked beneficiaries in over 50 countries.

The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services.

About Trace Financial

Trace Financial Limited are leading specialists in financial message transformation and have been designing, implementing and supporting mission critical solutions to the financial industry for over 30 years. Trace Financial is part of the privately-owned Trace Group.

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