Cross-border payments specialist Travelex
Global Business Payments (TGBP) and third-party service provider to
correspondent financial institutions LendingTools.com (LT) are to
join forces to facilitate an customisable international e-payments
solution.
The deal will allow correspondent financial
institutions using LendingTool’s Private Correspondent Gateway to
provide international payment services to their members and
customers through the Travelex GEO global clearing network. This
will be implemented on a customised online platform.
“Integrating our Private Correspondent Gateway
with Travelex generates a unique opportunity to extend consolidated
foreign payments solutions to our existing customers and other
correspondent FI’s with a focus on international transactions,”
said Jon Budd, senior vice president of sales at LT.
Mutual customers will be able to provide all
correspondent banking services in a single online system with their
custom brand.
The combination of these services will result
in streamlined payment processing, consolidated transaction
reporting that simplifies research and reduced errors through the
elimination of the manual re-entry of payments processed on the
online platform.
