Travelex has updated itsGlobalPay international business payment servicewith new features that help all-size companies better monitorcurrency risk and cash management through greater transparency andreal-time tracking functions. Users can call up electronicstatements at any time for instant reconciliation, notes AdamTiberi, Travelex vice president of global product management.

New features also allow companies to make domestic andinternational payments on the same screen and opt for low-valueglobal payments, if speed is not an issue, by sending thetransaction through the automated clearinghouse system (ACH)instead of the high-cost SWIFT messaging service.

These functions provide a valuable service to corporations, saysTiberi, citing a recent Travelex survey of 600 financialexecutives, which revealed that on average, companies juggle sixforeign currency accounts. “Businesses shouldn't have to jumpthrough hoops to make international payments, but our researchshows they are.” Some 40 percent of survey respondents say theystill process international payments manually through methods thataren't integrated with their enterprise resource planning (ERP)systems. Moreover, 13 percent either call or visit their banks and25 percent use multiple online bank platforms, according to thesurvey. GlobalPay can be used with just about any ERP, accountingor treasury system, says Tiberi.

GlobalPay reflects Travelex's enhancements to a RueschInternational product following the acquisition of thebusiness-to-business payment solutions company in September. Nextup, says Tiberi, is a service that lets customers' vendors trackpayments electronically, so they can see when a payment has beenmade.