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Making Global Payments Cheaper: Travelex

By Staff Writer | Updated on November 01, 2011

Travelex built a company-to-company payment system, GEO Global Clearing Network, that takes advantage of local clearing systems in 71 countries, including 31 European Economic Area countries, to make payments cheaper and more efficient. Travelex says replacing checks with the network’s e-payments reduces traditional payment costs by an average 350% to 950%.

Travelex treasurer Fran Berndt says the company realized moving beyond its correspondent network of global clearing banks to establish relationships with local banks and take advantage of local payment and clearing systems would achieve cost and operational efficiencies.          

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