HedgeFlows, a FinTech platform for small and medium enterprises (SMEs), has partnered with Travelex to help people plan against volatile exchange rates.
The partnership sees the launch of a secure exchange rate product, enabling UK holidaymakers to secure rates ahead of their holiday and protect travel money against currency fluctuations.
For a small fee, the new product allows foreign exchange to be pre-ordered when customers book, creating a significant additional revenue stream within airline and online travel agent’s bookings flows. By fixing the rate, customers are guaranteed to not lose out if the exchange rate worsens before their trip starts.
Neh Thaker, co-founder of HedgeFlows, said: “Volatile exchange markets present great challenges to consumers and businesses alike and our secure foreign exchange support with Travelex can help facilitate FX with confidence. Financial barriers for overseas trading are a core issue for many businesses in particular, requiring technology and expertise to protect against rising costs and unreliable rates. Our work with Travelex demonstrates that foreign exchange doesn’t need to be costly or hard work, helping people to protect their money.”
Richard Wazacz, CEO, Travelex said: “For too long holiday goers have had to deal with fluctuating exchange rates which put their holiday plans in jeopardy and create a stressful experience. With HedgeFlows we’ve changed that, offering secure exchange services to give customers piece-of-mind so they can focus on their travelling rather than exchanging currency.”
HedgeFlows empowers businesses to better plan and manage their financial needs in any currency. The platform manages risks associated with foreign trade, including fluctuating exchange rates, fraudulent activities and hidden expenses.