Visa, which is one of the largest payment company has acquired Earthport, which is a UK based company, that helps in making international payments for the companies and banking institutions.
According to the report which has been revealed by Reuters, Visa is paying $250.6 Million in cash deal to acquire Earthport. In the stock deal, Visa has offered 30 pence for each of the Earthport shares.
Earthport said that the offer which was given by the Visa was “reasonable and much fairer”.
Earthport announced at the time:
The extended service will simplify and accelerate the adoption and implementation of Distributed Ledger Technologies for the banking community – allowing banks to swiftly move into this new world of payments without additional heavy investment in infrastructure, compliance or operational requirements. This is achieved via full access to the Ripple ecosystem through a single contract, a single technical integration, and a single service relationship.
Earthport provides its services to money transfer firms and banks at lower fee transactions in the international transactions. The company stock is under pressure as according to the report the shares have been down by more than 28 percent due to the high losses and expenses which are growing on a daily basis.
Earthport was founded in the year 1997 to streamline the movement of money across various channels with the help of an only one API to settle and clear funds locally with its partners. The global company networks of payments include banks which are located in more than 100 companies including the Transferwise, Payonner, Bank of America and Hyperwallet. In the year 2015, Earthport also collaborated with the Ripple to provide the real-time payment for its partners with the help of a distributed blockchain technology.
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