Travelex has updated its GlobalPay international business payment service with new features that help all-size companies better monitor currency risk and cash management through greater transparency and real-time tracking functions. Users can call up electronic statements at any time for instant reconciliation, notes Adam Tiberi, Travelex vice president of global product management.

New features also allow companies to make domestic and international payments on the same screen and opt for low-value global payments, if speed is not an issue, by sending the transaction through the automated clearinghouse system (ACH) instead of the high-cost SWIFT messaging service.

These functions provide a valuable service to corporations, says Tiberi, citing a recent Travelex survey of 600 financial executives, which revealed that on average, companies juggle six foreign currency accounts. “Businesses shouldn't have to jump through hoops to make international payments, but our research shows they are.” Some 40 percent of survey respondents say they still process international payments manually through methods that aren't integrated with their enterprise resource planning (ERP) systems. Moreover, 13 percent either call or visit their banks and 25 percent use multiple online bank platforms, according to the survey. GlobalPay can be used with just about any ERP, accounting or treasury system, says Tiberi.