Let me ask you to take a moment to recall an event or a time in the year 2000 that was meaningful for you. It was the dawn of a new millennium and people had been concerned about Y2K and the millennium bug shutting all computers down on 1st January – nowadays it’s hard to believe that was a concern, and yet it feels like yesterday.
That was 19 years ago and was incidentally the same year the business (that was later branded) EarthportFX was launched. Although it doesn’t feel like that long ago, the world has seen a rapid rate of change in technology and as a result, changes in human and consumer behaviour. Businesses and people are travelling with fluidity around the world, with satellite offices, business travel and secondments abroad now the norm. The adoption of the internet has gone from 52% of the US population (2000) to 89% (2019), and between 2000 - 2010 hundreds of ecommerce sites were launched, setting the scene for the oncoming rapid uptake of online shopping. Now in the UK alone, around 87% of retail purchases are made online.
These numbers are staggering and seeing the figures compared illustrates perfectly the societal change in spending habits and how these have moved online and become global. With the massive increase in global ecommerce, foreign exchange and cross-border payments have never been more important or central to our lives, whether it be business or personal. This demand means businesses need to have access to a variety of currencies at their fingertips to pay staff in other countries, purchase parts for products, employ services from international agencies, run factories to produce products or to invest in capital markets - the list is endless.
At EarthportFX, we have been dealing with international payments and FX for almost 20 years garnering a wealth of knowledge and experience internationally since our launch in 2000. We too have seen increasing globalisation and growth in the use of international payments and FX, first-hand. During this time, we also became part of the Earthport group, and have been for around 6 years now. So, let’s talk a little more about Earthport and how businesses can benefit from their global payment network.
Earthport is a leading cross-border payments provider with the largest independent local network in the world. Providing an alternative to the SWIFT and correspondent banking models, Earthport clients can reach 88 countries via local clearing. Using this network can increase the speed of your payments, reduce operational overheads and makes it easy to keep-up with local requirements for the 60+ currencies across 88 countries that Earthport has direct routes to.
In today’s increasingly digital world, cross-border payments are expected to be fast, transparent, compliant and affordable. With Earthport, costs are significantly lower than SWIFT and traditional banks, with no hidden fees and first-rate foreign exchange liquidity access. This ensures your business can keep up with the ever-growing demand for global trade and commerce using Earthport's end-to-end FX, treasury and cash management solutions, all of which support your business growth and provide peace of mind. With so much to consider, while we no longer need to worry about anything as sensationalist as Y2K and millennium bugs, there are still plenty more global aspects for businesses to focus on. With worldwide interconnectivity steadily rising each year and ecommerce always on the up, never has it been more important to work with reliable, cost efficient and effective cross-border payments and forex providers who have your business interests and goals at heart.
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More than just a new name, EarthportFX is now powered by the Earthport payment network.
Used by leading banks and ecommerce businesses; Earthport’s global network offers direct local payment capability in over 60 countries and access to the latest global payments technology.
Still with the same expert service and extensive currency capabilities, see how we go beyond FX.