Global digital payments company Visa Inc. (NYSE:V) acquired control of Earthport (AIM:EPO), a London, UK-based provider of cross-border payment services to banks, money transfer service providers and businesses via a large independent ACH network.
The amount of the deal was not disclosed.
Currently, Visa enables payments to be sent to or from its cards. The acquisition will make it possible for clients to enable individuals, businesses and governments to utilize its card to send and/or receive money through bank accounts around the world.
With the acquisition of Earthport, the company will be able to reach the vast majority of the world’s banked population and allow them to securely move money worldwide, as well as to enable payroll and international person-to-person and business-to-business remittances.
Earthport’s technology will allow the company to further expand and scale Visa Direct’s portfolio of use cases, including funds disbursements, peer-to-peer payments, cross border payments, marketplace payouts, and bill payments.