Foreign payments simplified
Published: 5 August 2008 12:45 GMT
Travelex Global Business Payments (TGBP) has struck a deal with financial systems specialist Coda to offer businesses access to its GlobalPay service, which was launched last May.
The payments system allows businesses to streamline and automate foreign payments and was set up to position the company in the FTSE500 space, according to TGBP alliance and partnerships manager Will Beattie.
silicon.com Financial Services
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Beattie said: "Up to now, Coda customers have been able to process foreign payments from invoices through their own internal financial systems, but then they have had to key in different account numbers for foreign payments. Now they can use a straight-through process. The savings for customers in terms of time and process should be huge."
He told silicon.com that the system is able to bring the error rate from a traditional average of 36 per cent down to 0.01 per cent.
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