Travelex Global Business Payments, a provider of international payments and foreign exchange (FX) solutions, launched a new payment service, GEO for Financial Institutions.
GEO has been developed specifically for financial institutions so they can capitalise on the growing customer demand for cross-border payments. It offers a scalable, secure and flexible platform that simplifies global payments and increases profitability by enabling the customers of these financial institutions unique access to Travelex’s global payments network.
Designed to support branch networks and direct online channels, GEO can be used as a complete outsourced payment solution, avoiding the need for banks to invest in costly in-house development. It also eliminates the need to establish their own correspondent banking networks.
David Sear, managing director, Travelex Global Business Payments, said: “GEO is the first of its kind, a purpose built cross-border payments platform for financial institutions. It provides a seamless and intuitive global payments network and is the first to use cloud technology. Now, financial institutions can take advantage of this global, scalable infrastructure to open up new revenue streams and dramatically improve service levels for their customers.”
Travelex has partnered with Rakuten, Japan’s leading online marketplace. By integrating their online system with Travelex’s GEO payment platform which is white labelled, Rakuten has been able to offer its customers all the benefits of the GEO network within their own banking environment.
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