The Earthport payment system can be adapted to meet the individual requirements of its partners in terms of moving money around the world, across different currencies in small quantities likely from B2C commerce to large ones arising from B2B transactions.
It makes use of a virtual wallet, which holds an individual user's personal details, including bank account numbers, credit and debit card details and delivery information, on Earthport's secure servers.
Earthport Chief Executive Officer Graham Newall said, "The agreement with OKOBANK, a major Scandinavian financial services group, is part of our strategy of building long-term technology partnerships in Internet banking. We are moving towards the establishment of a strong market position as a leading electronic payment system by focusing on aggregators of large on-line communities".