Visa Acquires Ripple Partner Earthport
【Published by Ling Yu Han（凌郁涵）】
Reports have it that credit card giant Visa Inc. has acquired British payments platform Earthport for a whopping $251 million. Earthport provides cross-border payments options to banks and businesses. Visa’s acquisition seems to be aimed at launching blockchain-based authentication services in the first quarter of 2019.
Earthport is a cross-border payment processing institution regulated by the UK Financial Conduct Authority which established in London more than 20 years ago. It offers its clients access to global payment services and also maintains a partnership with local banks and customers businesses are settled through these local banks. It is as well an Authorised Payment Institution (API) just like banks. The API not only provides access to the Ripple ecosystem, but also offers access to the wide array of payment methods that Earthport offers in over 200 countries.
A close observation shows that Earthport shares have not done well recently on the London Stock Exchange secondary market where it was listed. Due to increasing overhead costs, the value of the share had decreased by 28%, so the firm had taken this measure to boost their business.
According to the announcement made by Visa in October, this year the volume of cross-border payments has increased by 10%. To consolidate the company’s dominant position, Visa announced on 2018, October that they are planning to develop a blockchain-based digital identification system.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments — fixing broken processes and breaking down geographic barriers along the way,” said Kevin Phalen, global head, Visa Business Solutions, Visa. ““B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem,” continues Phalen.
Visa announced new product details surrounding digital identity in preparation for a first quarter 2019 launch of Visa B2B Connect.
After Visa launched the Visa B2B Link Project as a pilot, it attracted a number of banks, including South Korea’s Shinhan Bank, the US — Commerce Bank, Thailand’s fourth-largest bank — Kasikornbank (K-Excellence), and the Philippines’ Union Bank.
■ Source: cynes
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