British payments company Earthport today said the Reserve Bank of India has given an approval to its outbound cross-border payment services to banks in India.
The company is already into facilitating the inbound payments into the country and this licence from the central bank will ensure it can process outbound cross-border payments for banks in India, it said in a statement.
"India is amongst the fastest growing economies in the world and plays a very important role in the cross border payments ecosystem globally," its chief executive Hank Uberoi said.
The statement said industry lobby Indian Banks Association (IBA) did a review of its business model, and recommended the approval for the RBI.
The company has a presence in 60 countries and works with financial institutions, money transfer organisations and ecommerce businesses.
It claimed a single relationship can help clients manage payments to almost any bank account in the world, delivering significant cost and operational efficiency.
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