Business Services Industry

Better Currency Risk Tools, Easier Process Top North American Companies' Wish List for International Payment Experience

Business Wire, May 28, 2008

Travelex Global Business Payments Introduces Simplified, Intuitive Answer

WASHINGTON -- While the economic climate is encouraging more companies than ever before to set up business on the global stage, barriers still exist in surprising places. Just ask any company that's tried to make or receive a payment from a vendor or supplier abroad.

A recent Travelex Global Business Payments survey of more than 600 high level financial executives revealed that on average, companies juggle six foreign currency accounts. So it's not surprising that one-third of companies reported they have frictional/idle cash tied up in those accounts.

Firms that use domestic institutions to manage their international payment needs don't fair much better. In fact, nearly 40 percent of this group still process international payments manually through methods that aren't integrated with their ERP system(s); thirteen percent either call or visit their bank(s), while 25 percent use multiple online bank platforms.

To provide businesses with a simple, cost effective solution to their international payment and receipt needs, Travelex Global Business Payments is introducing GlobalPay, an intuitive online system that eliminates the need for multiple bank accounts by serving as a one-stop shop for all payments and receipts - both international and domestic, urgent and non-urgent - for companies of all sizes.

"Businesses shouldn't have to jump through hoops to make international payments - but our research shows that they are," said Adam Tiberi, Travelex's Vice President of Global Product Management. "So we designed GlobalPay with an eye on streamlining the process, reducing costs and errors, and helping clients manage their currency risk - a major issue in today's rapidly fluctuating market."

GlobalPay - which integrates with just about any ERP, accounting or treasury system - provides streamlined order entry, automated payment upload instructions, and electronic statements for faster and more efficient reconciliation. Using the system, businesses can choose from a variety of payment methods, including international low-value payments - a new option that reduces payment cost and enables easier payment tracking by avoiding intermediary banks.

"Our research shows that some of the biggest pain points companies experience when making international payments are little details. For example, lack of visibility when a payment is cleared and received, and the inability to track payments," Tiberi said. "We created GlobalPay to eliminate those pain points for all clients, whether they make one international payment a year or 10,000."

Additional GlobalPay features include:

* Ability to schedule incoming and outgoing payments

* A "Find a Bank" function to verify routing information and prevent delivery errors

* Payment Tracker, which is accessible by both the sender and its beneficiary

* Complete transparency in, and reduction of costs associated with international payments - avoiding SWIFT means customers can avoid costly outgoing and incoming wire fees and beneficiary deduction

* Risk management identification capabilities and solutions, like holding balances and forward contracts

* No hassle compatibility with current systems and no set up fees.

"GlobalPay, quite simply, puts businesses in total control of all of their payments for the first time," Tiberi said. "And the platform will continue to evolve along with the marketplace to ensure we're addressing client concerns before they become client pain points."

For more information, visit http://www.travelexbusiness.com/na/.> For a complete list of U.S. state licensing, visit http://www.travelexbusiness.com/na/about/compliance/.> Research Methodology

All statistics referenced were generated through a spring 2008 Travelex Global Business Payments survey of Treasury and Risk Magazine readers. More than 600 senior level finance decision makers, representing primarily large U.S. companies, participated in the Web-based, self administered survey over a two week period.

About Travelex Global Business Payments

Travelex, the world's largest global payments and receipts provider, makes international transactions easy for any business. Travelex maintains a global banking network that works to provide its customers with immediate and reliable delivery and receipt of outgoing and incoming funds. Through Travelex' intuitive online platform, the company processes more than $37 billion in payments globally to more than 1 million beneficiaries each year. For more information, visit http://travelexbusiness.com/na.> In the United States, services will be provided by Ruesch International, Inc. or Travelex Currency Services, Inc.

For a complete list of U.S. state licensing, visit http://www.travelexbusiness.com/na/aobut/compliance/.>