MEDIA RELEASE PR41846
Travelex Heralds Next Generation Payments With Launch of 'GEO' for Financial Institutions
LONDON, Oct. 25 /PRNewswire-AsiaNet/ --
Travelex Global Business Payments, a leading provider of
international payments and foreign exchange solutions, today launched a new
payment service, GEO for Financial Institutions.
GEO has been developed specifically for Financial Institutions
so they can capitalize on the growing customer demand for cross border
payments. It offers a scalable, secure and flexible platform that simplifies
global payments and increases profitability by enabling the customers of
these Financial Institutions unique access to Travelex's powerful global
payments network.
Designed to support branch networks and direct online
channels, GEO can be used as a complete outsourced payment solution, avoiding
the need for banks to invest in costly in-house development. It also
eliminates the need to establish their own correspondent banking networks.
This highly flexible solution has been designed to ensure that
the technology implementation can be completed within a matter of weeks. The
online platform can also be white labelled and offered directly to bank's end
customers, or existing online platforms can connect directly to the GEO
functionality through our proven real-time web service interface.
GEO offers connectivity through SWIFT as well as access to
Travelex's global payments network with domestic clearing in over 40
countries. This includes unique access to emerging payment networks such as
'Faster Payments', where international users of the GEO platform can now
conduct near real-time payments to beneficiaries in the UK.
David Sear, Managing Director, Travelex Global Business
Payments commented, "GEO is the first of its kind, a purpose built cross
border payments platform for Financial Institutions. It provides a seamless
and intuitive global payments network and is the first to utilise cloud
technology. Now, Financial Institutions can take advantage of this global,
scalable infrastructure to open up new revenue streams and dramatically
improve service levels for their customers."
Travelex has partnered with Rakuten, Japan's leading online
marketplace and one of the largest e-commerce companies in the world to
provide an international payments platform for its bank customers in Japan.
By integrating their online system with Travelex's GEO payment platform which
is white labelled, Rakuten has been able to offer its customers all the
benefits of the GEO network within their own banking environment.
Mr. Akhito Nohara, Executive Vice President of Rakuten Bank
commented, "We are delighted to offer our customers the ability to make
international payments through our banking platform, utilising Travelex's GEO
for Financial Institutions solution. This will provide our customers with
more variety of services, an exceptional experience and enable Rakuten to
expand its client base into new regions."
Travelex and Rakuten will be showcasing this new service at
stand number A319 during Sibos 2010 from 25th October 2010.
About Travelex Global Business Payments
Travelex is a global foreign exchange specialist providing the payment
and receipt of domestic and international funds for businesses of all sizes.
For more than 30 years, Travelex has provided clients with sophisticated
market knowledge, leading edge technologies and practical and innovative
solutions tailored to individual requirements.
Every year, Travelex processes payments around the world for over 35,000
businesses to one million beneficiaries.
United States, services are provided by Travelex Global Business Payments,
Inc. or Travelex Currency Services, Inc. In Canada, services are provided by
Travelex Canada Limited.
Media Contacts
Caroline Parker / Rob Arnott
FD
+44(0)20-7269-7295 / +44(0)20-3077-0404
Caroline.Parker@fd.com / Rob.Arnott@fd.com
SOURCE: Travelex Global Business Payments
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