Advanced Business Solutions (ABS) has partnered with cross-border payments specialist, Travelex Global Business Payments. This alliance involves the integration of Travelex’s GlobalPay solution into ABS’ financial management systems, offering ABS customers a fast and cost-effective solution for making and receiving payments.
Integration of Travelex GlobalPay with ABS’ financial management systems reduces manual data entry and allows customers to automate their payments process, saving both time and money. Customers can benefit from improved control and visibility of payments by using their existing accounting system to drive the entire payments process.
Travelex GlobalPay reduces costs by enabling straight-through processing (STP) of payment files. Multiple payments can be uploaded and sent at the same time and once the payments are complete, the updated files are downloaded into the ABS finance system, ensuring the payment information is accurate and instantly available.
Through GlobalPay, ABS customers also have access to Travelex’s GEO Global Clearing Network, which provides access to local domestic clearing in 70 countries. International payments are automatically routed through the most appropriate form of clearing, ensuring faster and more efficient payments.
Dean Dickinson, managing director (public sector and enterprise) of ABS, said: “The many issues associated with processing foreign currency payments through the bank, including the need for regular manual intervention, high error rates and lack of payment tracking, are eliminated using Travelex, resulting in improved payment processing efficiency and foreign currency traceability.”
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