Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has been appointed by Travelex to manage the clearance of its USD traveler's cheques and a $300 million segment of the float associated with the product.
Following the acquisition of Thomas Cook's business by Travelex, The Bank of New York installed a customized global payments system and tailored an integrated solution for the group's traveler's cheque clearance and float management.
Richard Jones, group treasurer at Travelex, said, "We had very specific operational and regulatory requirements which needed to be addressed in relation to this business. The Bank of New York was able to devise, develop, and implement an effective solution which met all of our needs."
Gerald Wellesley, managing director in the corporate banking division at The Bank of New York, said, "Building on our long-term relationship with Travelex, we were able to structure a solution that combined the Bank's expertise in payment processing, asset management and trustee services to serve their diverse needs."