Increasing Demand for Global Payments Innovation among SMEs Worldwide
Travelex is Premier Partner to Banks and Financial Institutions
HONG KONG, Sept. 14 /PRNewswire-Asia/ --Travelex Global Business Payments, a leading provider of international payments and foreign exchange solutions, today released a new research report, in partnership with TowerGroup, that ranked Travelex Global Business Payments as the industry leader in global payment solutions for the Small-Medium Enterprise ("SME") market.
As highlighted in the TowerGroup research, today’s SME customers are placing increased importance on cash management in an effort to reduce working capital and optimize the supply chain and service delivery. This market trend has created a pressing need among SMEs for integrated, global payment platforms, enhanced visibility and tightened security controls to improve efficiency throughout the entire payments process. Simultaneously, there is also strong market demand for FX and hedging expertise and high touch customer service to support the SME customer as they continue to scale their business operations whilst also minimizing risk.
"We are excited to be recognized by TowerGroup as an industry leader across multiple categories, including level of integration, customer services, beneficiary management and payment visibility. Recognizing the payment challenges facing the SME market, Travelex created innovative payment solutions supported by best-in-class service to help businesses manage their entire payment process globally," said David Sear, divisional managing director, Travelex Global Business Payments. "Today’s SME customers have their own unique set of payment needs, not all of which can be properly serviced through bank partners. Travelex currently outsources its payment platform to more than 750 of the world’s leading financial institutions and we expect to see continued expansion over the next three to five years."
Additional trends discovered in the research include the following:
-- The market for international payments services is rapidly expanding as
SMEs search for a reliable platform that can serve their international
payments needs. Yet, even the largest global banks lack the local
footprint to deliver a truly global payment solutions.
-- Many payment solutions, designed by the banking community, are aimed
at the large, multi-national companies but are not well suited for the
SME market.
-- Bank model continues to push customer service through self-service
channels despite SME customer need for tailored, high touch service.
-- Innovative payment solutions such as beneficiary management are not
currently supported by any global or regional banks.
“The Travelex Global Business Payments solution would have particular appeal to both the SME market as well as a modular solution within FSI global payment structures,” said Steve Murphy, research analyst at TowerGroup.
TowerGroup research study ranked Travelex GlobalPay as industry leading and superior in the following categories. The report defined industry leader as a best-in-class offer and superior as highly competitive.
GlobalPay Criteria Industry Leading Superior
------------------ ---------------- --------
Ease of Use X
Level of Integration X
Beneficiary Management X
Customer Support X
Payment Visibility X
Reporting Capabilities X
FX Capabilities X
Research findings are available to members of the press for review. To request the findings, or to arrange an interview with Mr. Sear, please contact Laura Novak on +1-212-850-5682 or laura.novak@fd.com.
Methodology
The research study was carried out by TowerGroup in consultation with Travelex. TowerGroup assessed the products and value proposition of 16 national and regional competitors to Travelex’s GlobalPay international payment platform across five primary geographies: United States, Canada, Australia, United Kingdom, and France. The assessment addressed the current positioning, strength and weaknesses of each competitor offering relative to Travelex, as well as the customer, marketing and sales positioning that each competitor is pursuing in the B2B international payments space. The typical competitor review involved product demos and conversations with sales and product management staff.
About Travelex Global Business Payments
Travelex, the world’s largest non-bank international payments and foreign exchange provider, makes payments easy for any business. Travelex operates in over 30 countries and processes payments globally to more than one million beneficiaries each year. For more information, visit http://www.travelexbusiness.com
About Travelex
Travelex is the world’s foreign exchange and international payments specialist. The group is also one of the world’s leading providers of outsourced travel money to banks, travel agencies and other financial institutions.
The Group operates through its subsidiaries and branches in four regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific. The Group’s activities are organised into three divisions: Global Business Payments, Retail and Outsourcing.
About TowerGroup
TowerGroup is the leading research and advisory services firm focused exclusively on the financial services industry. A respected source for trusted information and advice, TowerGroup brings many of the world’s leading financial institutions, technology companies, and professional services firms a deeper understanding of the business and technology issues impacting their organizations. Headquartered near Boston in Needham, Massachusetts, and with offices in North America and Europe, TowerGroup serves a global client base. Visit http://www.towergroup.com for more information.
