Intuitive system to replace multiple bank accounts

[img_assist|nid=7804|title=|desc=|link=none|align=left|width=100|height=70]Travelex Global Business Payments conducted a survey of more than 600 high level financial executives which revealed that on average, companies have six foreign currency accounts. This explains why one-third of companies reported they have frictional/idle cash tied up in those accounts.

Those companies which use domestic entities to manage their international payment needs are not in a much better state. Actually about 40% of this group still handles international payments manually using the tools that don't match their ERP system(s); 13% either call or visit their bank(s), while 25% use multiple online bank platforms.

Travelex Global Business Payments decided to enable a simple, cost effective solution to international payment and receipt needs of the businesses by launching GlobalPay, an intuitive online system that removes the necessity in multiple bank accounts by serving as a single point for all payments and receipts - both international and domestic, urgent and non-urgent - for companies of all levels.

"Businesses shouldn't have to jump through hoops to make international payments - but our research shows that they are," says Adam Tiberi, Travelex's Vice President of Global Product Management. "So we designed GlobalPay with an eye on streamlining the process, reducing costs and errors, and helping clients manage their currency risk - a major issue in today's rapidly fluctuating market."

GlobalPay may be integrated with almost any ERP, accounting or treasury system and provides upgraded order entry, automated payment upload instructions, and electronic statements for faster and more efficient interaction. By means of the system companies have an opportunity to choose from a wide range of payment methods, including international low-value payments - a new option that reduces payment cost and enables easier payment tracking by avoiding intermediary banks.

"Our research shows that some of the biggest pain points companies experience when making international payments are little details. For example, lack of visibility when a payment is cleared and received, and the inability to track payments," Tiberi states. "We created GlobalPay to eliminate those pain points for all clients, whether they make one international payment a year or 10,000."

"GlobalPay, quite simply, puts businesses in total control of all of their payments for the first time," he adds. "And the platform will continue to evolve along with the marketplace to ensure we're addressing client concerns before they become client pain points."