Travelex built a company-to-company payment system, GEO Global Clearing Network, that takes advantage of local clearing systems in 71 countries, including 31 European Economic Area countries, to make payments cheaper and more efficient. Travelex says replacing checks with the network's e-payments reduces traditional payment costs by an average 350% to 950%.

Travelex treasurer Fran Berndt says the company realized moving beyond its correspondent network of global clearing banks to establish relationships with local banks and take advantage of local payment and clearing systems would achieve cost and operational efficiencies.          

So the provider of foreign exchange and international payments set up relationships with the most suitable bank or group of banks in each country. Taking advantage of local clearing systems let Travelex lower clearing costs and better serve international as well as local customers. In Poland, for example, companies typically have multiple bank accounts for different currencies, so Travelex set up accounts at the same banks to enable cross-currency payments in the same day.

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