Better Currency Risk Tools, Easier Process Top North American Companies' Wish List for International Payment Experience.Travelex Global Business Payments Introduces Simplified, Intuitive Answer WASHINGTON -- While the economic climate is encouraging more companies than ever before to set up business on the global stage, barriers still exist in surprising places. Just ask any company that's tried to make or receive a payment from a vendor or supplier abroad. A recent Travelex Global Business Payments survey of more than 600 high level financial executives revealed that on average, companies juggle six foreign currency accounts. So it's not surprising that one-third of companies reported they have frictional/idle cash tied up in those accounts. Firms that use domestic institutions to manage their international payment needs don't fair much better. In fact, nearly 40 percent of this group still process international payments manually through methods that aren't integrated with their ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. system(s); thirteen percent either call or visit their bank(s), while 25 percent use multiple online bank platforms. To provide businesses with a simple, cost effective solution to their international payment and receipt needs, Travelex Global Business Payments is introducing GlobalPay, an intuitive online system that eliminates the need for multiple bank accounts by serving as a one-stop shop One-Stop Shop A company or a location that offers a multitude of services to a client or a customer. The idea is to provide convenient and efficient service and also to create the opportunity for the company to sell more products to clients and customers. for all payments and receipts - both international and domestic, urgent and non-urgent - for companies of all sizes. "Businesses shouldn't have to jump through hoops to make international payments - but our research shows that they are," said 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 fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. market." GlobalPay - which integrates with just about any ERP, accounting or treasury system - provides streamlined order entry, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. payment upload See download. upload - /uhp'lohd/ To transfer programs or data over a digital communications link from a smaller or peripheral "client" system to a larger or central "host" one. Opposite: download. instructions, and electronic statements for faster and more efficient reconciliation. Using the system, businesses can choose from a variety of payment methods, including international low-value payments - a new option that reduces payment cost and enables easier payment tracking by avoiding intermediary Intermediary See: Financial intermediary intermediary See financial 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 said. "We created GlobalPay to eliminate those pain points for all clients, whether they make one international payment a year or 10,000." Additional GlobalPay features include: * Ability to schedule incoming and outgoing payments * A "Find a Bank" function to verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. routing information and prevent delivery errors * Payment Tracker, which is accessible by both the sender and its beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. * Complete transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. in, and reduction of costs associated with international payments - avoiding SWIFT means customers can avoid costly outgoing and incoming wire fees and beneficiary deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. * Risk management identification capabilities and solutions, like holding balances and forward contracts * No hassle Hassle () is a location in Närke, Sweden, where a Celtic treasure was found in 1936. It comprises a large bronze cauldron which contained two Bronze Age swords of the Hallstatt type, a pommel of bronze, two bronze buckets with compatibility with current systems and no set up fees. "GlobalPay, quite simply, puts businesses in total control of all of their payments for the first time," Tiberi said. "And the platform will continue to evolve along with the marketplace to ensure we're addressing client concerns before they become client pain points." For more information, visit http://www.travelexbusiness.com/na/. For a complete list of U.S. state A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and licensing, visit http://www.travelexbusiness.com/na/about/compliance/. Research Methodology All statistics referenced were generated through a spring 2008 Travelex Global Business Payments survey of Treasury and Risk Magazine readers. More than 600 senior level finance decision makers, representing primarily large U.S. companies, participated in the Web-based, self administered survey over a two week period. About Travelex Global Business Payments Travelex, the world's largest global payments and receipts provider, makes international transactions easy for any business. Travelex maintains a global banking network that works to provide its customers with immediate and reliable delivery and receipt of outgoing and incoming funds. Through Travelex' intuitive online platform, the company processes more than $37 billion in payments globally to more than 1 million beneficiaries each year. For more information, visit http://travelexbusiness.com/na. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , services will be provided by Ruesch International, Inc. or Travelex Currency Services, Inc. For a complete list of U.S. state licensing, visit http://www.travelexbusiness.com/na/aobut/compliance/. |
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