Businesses Back Travelex Over Mega-Banks in Cross-Border Payments

LONDON, November 3, 2010 /PRNewswire/ -- 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 Tower Group 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."

Notes to editors

TowerGroup research study ranked Travelex GlobalPay as industry leading and superior in the following categories. The report defined industry leader as a best-in-class offer and superior as highly competitive.

    GlobalPay Criteria     Industry Leading    Superior

    Ease of Use                     +
    Level of Integration            +
    Beneficiary Management          +
    Customer Support                +
    Payment Visibility                            +
    Reporting Capabilities                        +
    FX Capabilities                               +

Methodology

The research study was carried out by TowerGroup in consultation with Travelex. TowerGroup assessed the products and value proposition of 16 national and regional competitors to Travelex's GlobalPay international payment platform across five primary geographies: United States, Canada, Australia, United Kingdom, and France. The assessment addressed the current positioning, strength and weaknesses of each competitor offering relative to Travelex, as well as the customer, marketing and sales positioning that each competitor is pursuing in the B2B international payments space. The typical competitor review involved product demos and conversations with sales and product management staff.

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.

For more information, visit http://www.travelexbusiness.com/na. In the 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.

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SOURCE Travelex Global Business Payments