Travelex partners LendingTools for correspondent payment processing
Travelex Global Business Payments, Inc. ("Travelex"), the world's leading cross-border payments specialist, and LendingTools.com ("LT"), the premier third-party service provider to correspondent financial institutions, today announced a partnership to facilitate international electronic payments solutions, on a customized online platform.
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The relationship enables correspondent financial institutions using LT's Private Correspondent Gateway to provide cost-effective, reliable and timely international payment services to their members and customers through the Travelex GEO global clearing network. Mutual customers will be able to provide all correspondent banking services, including international payments, in a single, secure and intuitive online system with their custom brand.
"Integrating our Private Correspondent Gateway with Travelex generates a unique opportunity to extend consolidated foreign payments solutions to our existing customers and other correspondent FI's with a focus on international transactions," said Jon Budd, Senior Vice President of Sales at LendingTools.com. "We consider our relationship with Travelex to be a very valuable partnership and a significant strategic opportunity moving forward."
The combination of LT and Travelex services will result in:
* Streamlined, straight-through payment processing that is quick, convenient and cost effective.
* Reduced errors through the elimination of manual re-keying of payments processed on the Travelex and LT online platform.
* Consolidated transaction reporting that simplifies current day and historical research.
"Providing cost-effective, reliable and timely international payment services is a necessity to our clients, and we are constantly aiming to evolve in response to their needs," said Matthew Lewis, Director of Partnerships for Travelex. "LT's Private Correspondent Gateway delivers the advanced security to our joint clients to ensure the safety of their international transactions, while enhancing our current processes of error reduction, transmission efficiency and consolidated reporting."