Earthport’s comprehensive cross-border payments service powers bank’s initiative to make transfers from card to bank account easier and safer for young people abroad

Earthport has signed an agreement with Banco do Brasil Americas which will see the company’s low value, cross-border payments solution enhance the bank’s multi-currency pre-paid card for students.

Banco do Brasil Americas offers multicurrency pre-paid scholarship cards to students to enable them to safely and easily take scholarship funds abroad. The cards, which offer a sensible and secure alternative to carrying cash, are reloadable; ideally suited to meet the financial needs of students who study internationally. This award winning[1] bank card, will offer a new product differentiator; a secure, fast, and efficient card-to-bank international transfer service, which will empower student card holders to safely transfer funds from their cards to local bank accounts in Europe, the UK, Canada, Australia or Latin America to make payments for living accommodation and school services.

Banco do Brasil Americas’ CEO Antonio Cassio Segura, said: “We are excited to offer an enhanced funds transfer solution to our clients. Our goal is to help make the funds management process simpler, faster and convenient. Our partnership with Earthport allows us to offer an efficient, cross-border payments network, building more innovative solutions for our clients.”

Through Earthport’s efficient and transparent multi-currency payments service, fees and rates are known up-front and payment timescales are predictable – meaning the bank can keep fees to price-sensitive consumers – like students – very competitive.

Hank Uberoi, CEO at Earthport said: “This is an exciting partnership for Earthport, and one which sees our service being used in a new and innovative way. I am pleased to see new products being created by our clients based on our core payment capabilities. Banco do Brasil Americas is bringing a product to market which will make student travellers and their parents feel safer, whilst themselves benefitting from better internal controls, more predictable fees, and the ability to predict exactly when money will arrive at its destination.”

Earthport’s white-label service provides its customers with the ability to make compliant low value payments directly to 60 countries across six continents, and keep their customers informed about when their money will arrive and how much they will pay in fees and foreign exchange. Earthport also transacts to 140 additional countries through traditional correspondent banking methods and continues to expand its reach.

[1] Winner of a Paybefore Award in the ‘Better Way’ category for using prepaid to achieve significant process improvements, January 2014