Travelex Global Business Payments and Fundtech team up

Source: Fundtech

Travelex Global Business Payments, the world's leading cross-border payments specialist, and Fundtech Ltd., a market leader in global transaction banking solutions, today announced an alliance to provide an industry-leading integrated foreign payment solution for U.S. financial institutions.

The alliance will offer financial institutions using Fundtech's PAYplus USA for domestic wire transfers a seamless connection to Travelex's international wire payments platform. This integrated international payment capability enable banks and credit unions to grow their non-interest revenue streams, so they can concentrate on core business activities.

"Fundtech is delighted to partner with Travelex Global Business Payments as we aim to continually enhance the value of PAYplus USA with new expanded functionality. As the demand for international payments increases, offering banks integrated and complete international payments capabilities is an important enhancement," said Anthony Salamone, VP U.S. Payment Product Management for Fundtech.

The partnership allows Fundtech customers to benefit from an integrated foreign payments solution that:
• Streamlines Payment Processing: Fundtech's PAYplus USA is an intuitive platform that offers the combined advantage of executing domestic and foreign payments in a quick, convenient and cost effective manner
• Reduces Errors: PAYplus USA has a simplified manual processing function that helps financial institutions reduce rekeying errors associated with entering data to multiple payment systems
• Consolidates Reporting Options: Through PAYplus USA, all payments information comes through one application to provide consolidated reporting for domestic and international payments. Centralizing all transactions into one system also simplifies current day and historical data research for financial institution clients

"Many financial institutions are looking for convenient, efficient and cost-effective international payment solutions and our alliance with Fundtech ensures that all transaction, compliance and settlement functions are integrated on to one platform," said Matthew Lewis, Director Partnerships and Alliances for Travelex Global Business Payments. "Fundtech gives us a tremremendous opportunity to respond to the needs of our financial institution customers by offering them access to a seamless and integrated solution for their global payment needs."

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