Apr 23, 2010

Travelex, Inetco manage encrypted transactions

VANCOUVER--Foreign Exchange and money transfer company Travelex is using Inetco Insight transaction management software from Vancouver, British Columbia-based Inetco to improve its service to client banks and large merchant customers.

Travelex has been growing its bank card-related services, particularly in the Asia Pacific region. The Visa and Travelex Money Transfer service, launched in February 2010, uses Visa’s global network. It allows Australians to send funds domestically and internationally to the Visa cards of recipients. The Dynamic Currency Conversion service allows customers to pay for purchases in a currency of their choice, using any card.

Services such as these required Travelex to register as a third-party transaction processor with the major card schemes. In order to do this, Travelex needed to comply with the PCI DSS standards and local regulatory requirements which stated that the whole transaction message payload must be encrypted.

“Encryption reduced the visibility into the performance of transactions, such as failure rates and response time,” Marc Borbas, vice president of marketing at Inetco, tells Payments Business. “Inetco Insight is able to extract transaction management information without compromising sensitive customer data.”

Travelex says that Inetco Insight has provided it with the data it needed in order to isolate the cause of transaction slowdowns and declines.

“The first thing I do when I come to work is grab my morning coffee and log onto Inetco Insight”, says Mark Wingrave, Head of Direct Currency Conversion Product Development at Travelex. “My customized screen view gives me an instant snapshot of all transaction delays occurring with client banks and merchant customers, across our entire transaction processing environment. I can now direct resources towards fixing identified network and application issues instead of spending days trying to manually pull information together.”






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