LONDON, Jan. 27 /CNW/ -
Travelex's GEO Commences Cross Border Payments for Rakuten Bank
Over 900 Clients Pre-Registered for the Service
Travelex Global Business Payments, the leading cross-border payment
services provider, today announced it has commenced international
payments services for Rakuten Bank, part of the Rakuten Group and one
of Japan's leading e-commerce companies, through its GEO international
Rakuten Group is among the top 10 largest internet companies in the
world and is the second most visited website in Japan. Through GEO,
Rakuten Bank is able to offer international payments capability to
their customers in Japan.
Travelex GEO offers customers, like Rakuten Bank, access to a
sophisticated international payment capability which in Rakuten's case
allows payment in 67 currencies via an innovative online platform.
Launched in late 2010, GEO was developed specifically for financial
institutions (FI's) enabling them to build new revenue streams through
the growing customer demand for cross border payments. It offers a
scalable, secure and flexible platform that simplifies global payments
and exceeds the offering of the major banks without the need to develop
expensive in-house infrastructure.
GEO also provides access to Travelex's extensive global payments network
in over 40 countries, including access to emerging payments networks,
which can enable faster settlement of payments when compared to
traditional routes such as SWIFT. Utilising Travelex's own network also
reduces the number of corresponding banks involved in the payment
process, meaning faster and less expensive transactions for customers.
David Sear, Divisional Managing Director, Travelex Global Business
Payments said GEO is unique in the marketplace offering FI's an
outsourced solution that can be white labelled to mirror existing
systems while integrating into their online banking platform allowing
customer to transact online 24 hours a day.
"GEO is a one-stop shop for international payments; improving
efficiency, clearing times and minimising errors, whilst ensuring a
better customer experience through seamless service integration with
existing online banking platforms.
"GEO is the first of its kind; a purpose built cross border payments
platform for financial institutions. It provides a seamless and
intuitive global network and lets financial institutions take advantage
of Travelex's global footprint and scalable infrastructure solution to
open up new revenue streams and dramatically improve service levels for
Mr Sear said services such as FX and international payments were
traditionally the domain of the big banks that have ready access to
clearing and settlement networks and the capacity to sustain the
infrastructure investment required to develop and maintain an
international payments system.
"GEO levels the playing field, giving all financial institutions the
opportunity to expand the suite of services offered to their customers
via a fully branded international payments solution."
About Travelex Global Business Payments
Travelex Global Business Payments 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 Global Business Payments has provided clients with
sophisticated market knowledge, leading edge technologies and practical
and innovative solutions tailored to individual requirements. Every
year, Travelex Global Business Payments processes payments around the
world over 35,000 businesses to 1 million beneficiaries. Visit http://www.travelexbusiness.com for more information.
SOURCE Travelex Global Business Payments
For further information:
or interviews, please contact: Alicia Jennings, Redleaf Pollhill, T: +44(0)20-7566-6741, E: email@example.com. Jessica Buttress, Travelex Global Business Payments, T: +44(0)208-415-4204, E: Jessica.firstname.lastname@example.org.