Desktop Drafts enables businesses to issue foreign currency drafts electronically to their offices anywhere in the world, using electronic signatures. Once printed by the local office on a secure Desktop Drafts printer, the drafts can be taken directly to a local bank for the funds to be released.

Prior to electronic signatures and Desktop Drafts, hard copies of drafts used to be sent by mail or courier to their beneficiaries, which could take several days. With Desktop Drafts, beneficiaries have access to the funds within four hours from the moment when the draft is ordered by the sender.

James Arnold, Global Head of Dealing at Travelex, said: "Desktop Drafts offers a secure, fast and efficient solution to what was a cumbersome and labour-intensive process. Subsidiaries and local offices no longer need to wait for drafts from head office to come with the post, thereby improving operational efficiencies.

"The system can be used by businesses to provide their staff with a secure means of payment, reducing the need for cash. For example, Desktop Drafts is the solution for shipping companies whose ships can be refused access to a port if the payment covering the port fee has not come through when the ship arrives. In this situation, the head office of the company can send an electronic draft to a member of staff on board of the ship who can then print it on site and give it to the port authorities."