LONDON | Earthport, the specialist in cross-border payments, has announced a go live with Yandex.Money, the leading e-wallet service in Russia and the CIS, to offer wider international payment options to their customers. This will enable Yandex.Money’s e-wallet holders access to a new range of flexible, cost-effective and highly reliable international payment services.
Electronic payments, including international online purchasing, have developed at a remarkable pace over the last few years in Russia and the CIS, with the number of active e-wallets in Russia growing by 50% in 2010.
Partnering with Earthport enables Yandex.Money customers to make a payment to bank accounts directly in all Earthport supported territories across the world from their electronic wallet, and on the next phase in the project, allows them to top-up using domestic bank transfer services.
“It has always been vital for Yandex.Money to stay ahead of the curve and offer a wide range of relevant services and superior customer experience,” said Jane Zavalishina, CEO, Yandex.Money. “We were able to easily embed the Earthport service into our existing systems, providing our customers with a seamless service to transfer money internationally. We chose Earthport as they were able to demonstrate their market leading cross-border payment expertise and a clear understanding of our market.”
Earthport offers Yandex.Money customers a service with unparalleled fee transparency, confidence in delivery time, as well as predictability of the amount of funds received into the beneficiary account.
Hank Uberoi, CEO, Earthport said: “We are excited to work with Yandex.Money to deliver an exceptional service for their customers. Our innovative international payments platform involves minimal upfront investment and fits perfectly with Yandex.Money’s aims to make electronic payments easier, safer and more transparent.”
Yandex.Money is the largest electronic payment system in Russia offering easy, safe and reliable methods of paying for purchases online. As of mid-2012, the system had over 11 million accounts. The platform handles more than 9,000 new accounts that are added daily and more than 120,000 customer payments for products and services. Yandex.Money is accepted in more than 3,500 online stores.
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. To learn more, please visit www.earthport.com and follow us on Twitter @Earthport.