Under the agreement, Earthport will help Kyodai Remittance expand its consumer offering to Europe, the US and rest of the world. In return, Kyodai Remittance will use Earthports international payments services to enter the business-to-business (B2B) market.
Kyodai Remittance is the brand name of Unidos. Unidos was established in 2000 to support home money transfer for the Peruvian community in Japan. Under the Funds Settlement Act in 2010, Unidos was registered as a money transfer company and started the service Kyodai Remittance for all nationalities in Japan to all destinations in the world. Kyodai Remittance specialises in payments to Latin America and South East Asia and is keen to offer more corridors to remitters in Japan. According to The World Bank, the global market for remittances continues to grow and by 2016 is estimated to reach over USD 700 billion with a projected average annual growth rate between 2013 and 2016 of over 8%.
Earthport, a global financial services organisation, specialises in the provision of a white label cross-border payments service. It operates globally and is authorised and regulated by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services.
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