Travelex's GEO Marches Into Asia-PacificBy Travelex Global Business Payments, PRNE
Wednesday, January 26, 2011
Travelex's GEO Commences Cross Border Payments for Rakuten Bank
LONDON, January 27, 2011 - 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 payments
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
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
"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 their customers."
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 www.travelexbusiness.com for more information.
For further information or interviews, please contact: Alicia Jennings / Redleaf Pollhill, T: +44(0)20-7566-6741, E: aj at redleafpr.com . Jessica Buttress / Travelex Global Business Payments, T: +44(0)208-415-4204, E: Jessica.buttress at travelex.com .
Tags: January 27, Japan, London, Travelex Global Business Payments