Earthport, a payment network for cross-border transactions, announced today that its subsidiary, Baydonhill, which it acquired in 2013, has been re-launched under the brand EarthportFX.
EarthportFX will offer clients direct access to FX and payment services utilised by some of the world’s largest global banks and ecommerce businesses.
The EarthportFX brand combines Baydonhill’s extensive currency expertise with Earthport’s industry-leading global network and payments technology.
The re-branding exercise comes five months after Earthport warned of a potential financial loss of £5 million ($6.5 million) at the company which occurred after Baydonhill made payments on behalf of a corporate client which subsequently filed for administration.
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The relaunch of Earthport FX is seen as a major step forward in driving synergy across the Earthport group in brand, service offering, and technical capability.
Peter Klein, Earthport’s Global Head of FX, said: “This is a significant day in Earthport’s evolution to become the leading cross-border payment company in the world. We are tremendously excited to announce the launch of EarthportFX and the ability to now offer our corporate clients and businesses the same benefits of access to a global payment network that Earthport’s clients enjoy today.”
EarthportFX, part of the Earthport payment network, is a regulated financial institution under the auspices of the UK’s Financial Conduct Authority (FCA). The company helps businesses manage their international transactions more efficiently, and through a selection of tailored payment solutions, provides a faster, cheaper and more reliable way to pay.