Travelex

An international payment specialist Travelex Global Business Payments unveiled a new service to allow its customers to trade in Chinese renminbi via its unique GEO Global Clearing Network. It will be the first non-bank institution to offer yuan transactions.

Now Travelex customers will be able to trade with high profile Chinese companies using the yuan currency to evade foreign exchange risks. For many businesses, the ability to price, settle and invoice in renminbi will encourage a faster, cheaper and more transparent supply chain.

MasterCard has purchased the prepaid Card Program Management (CPM) operations of Travelex for US$458 million in cash, with an earn-out of up to an additional US$55 million if certain performance targets are met.

The largest non-bank foreign exchange currency provider Travelex announced this week the launch of the first in the US prepaid foreign “currency cards” available in Euros and British Pounds that utilizes chip & PIN technology.

MasterCard has announced its partnership with Travelex, a known foreign exchange specialist. According to the official press release the companies presented "Cash Passport MasterCard", an innovative electronic traveler's cheque. The new project came into being owing to the Bank of China (BOC) and MasterCard. This is the first e-traveler’s cheque with MasterCard logo jointly launched by the three parties in mainland China.

The Western Union Company, a leader in global payment services, and Travelex, the world’s largest specialist foreign-exchange company, have agreed to offer money-transfer services in Japan after Japan’s new Financial Settlement Act is implemented by June 2010 (subject to regulatory approval).

Travelex, a foreign exchange and international payments supplier, has launched a prepaid card product with MasterCard processing capabilities that it says will allow corporations to gain savings and enact controls around international travel and entertainment spending. Travelex in April released its Corporate Cash Passport tool, a MasterCard-branded card loadable with U.S.

Travelex, the world’s leading currency exchanger, conducted the new research which showed that US travelers are exchanging currency prior to leaving the country due to worries about fees, exchange rates and exchange locations at their destinations. The travelers bound for overseas destinations were asked to name their top reasons for converting currency at a mall, airport or other domestic location.

Travelex, the world’s largest foreign currency prepaid cards provider, and MasterCard Worldwide announced today that the relationship between these two campnies will be extended and the global prepaid transaction processing capabilities of MasterCard will be implemented. As part of the new global agreement Travelex, which already issues and distributes MasterCard Cash Passport™ cards, will launch new MasterCard branded consumer and corporate Cash Passport programs around the world utilizing IPS. Travelex will also convert existing programs to MasterCard.