June 17, 2010

Travelex fx360 saves businesses 1,000s of man-hours in manual payment processing, firm says

WASHINGTON--Travelex Global Business Payments, a leading provider of international payments and foreign exchange solutions, today launched a unique application for its corporate clients and partners enabling them to process payments automatically and save thousands of man-hours.

The new functionality is a payment file transfer solution called Travelex fx360 that allows businesses of any size to upload a single file of multiple types of payments directly into the payment processing system and then have the file reconcile back into their accounting or enterprise resource planning (ERP) system.

"Travelex fx360 enables the replacement of an entire network with a single, flexible interface that processes several payment types and currencies from multiple banks and many clients have already taken full advantage of this leading edge payment processing technology," said Adam Tiberi, Senior Vice President of Global Product Management at Travelex. "It completely eliminates a client's dependency on costly IT resources and significantly reduces the time it takes the IT team to format payment files to a proprietary bank interface, which in turn increases productivity."

Travelex fx360 accepts and processes payment files in a variety of formats and converts the files into one format for all payment types - wires, drafts, domestic, international, and multi-currency - using a unique file mapping technology.

Leading industry analysts have noted that flexibility is a key component to processing payments both domestically and internationally. Travelex fx360's ability to merge all formats into one interface provides this flexibility to clients.

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.

 

 

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