Businesses back Travelex over mega-banks in cross-border payments

3 November 2010

- Travelex Global Business Payments rated industry leader after launch of new GEO platform -

Travelex Global Business Payments, a leading provider of international payments and foreign exchange solutions, continues to emerge as a clear industry leader in global payment solutions, according to a TowerGroup research report released today. This follows the launch of GEO, Travelex’s next generation payments solution and its partnership with Japan’s leading online marketplace, Rakuten at Sibos 2010.

This is the second year running that TowerGroup has recognised Travelex Global Business Payments as the leading provider of international payments and foreign exchange solutions for small and medium sized businesses. This year’s rating clearly demonstrates how Travelex is advancing on the mega-banks in cross border payments.

General market trends indicate businesses are not only demanding better payments integration, file management and reporting structures, but also require online access, system modernization/scale improvement and the delivery channel integration on the client servicing side and Travelex have significantly delivered in these areas.

“Travelex is delighted to be recognised by TowerGroup as an industry leader across multiple categories. Increasingly, SME’s are demanding payment solutions that go beyond the services available from their traditional bank partners,” comments David Sear, Divisional Managing Director at Travelex Global Business Payments.

“We are committed to supporting small and medium sized businesses and the new Travelex GEO platform provides a unique solution to address their needs.”

Steve Murphy, research director at TowerGroup added, “Travelex Global Business Payments has continued to build on its market leading position to SMEs over the last twelve months. It has a clear edge in the SME market and there is further opportunity for Travelex to pursue partnerships with the traditional small business institutional providers, global payments networks and service providers, and core banking solutions providers who are seeking to embed greater payments capabilities into their solutions sets.”

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