Travelex - Proactive Approach to Managing a Growing Payment Processing Environment with INETCO Insight
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Overview: Travelex is also the world’s largest non-bank provider of international money transfer and remittance programs. Every year, it processes payments around the world for over 35,000 businesses to approximately 1 million beneficiaries. More than 750 financial institutions currently use Travelex as their outsourced international payment platform. In February 2010, Travelex and Visa announced the launch of the first Visa Money Transfer service in Australia. The Travelex Visa Money Transfer service taps into Visa’s global network, which connects more that 1.7 billion cards, and provides a convenient, cost-effective and secure way for consumers to send funds directly to recipients’ Visa cards, both domestically and internationally. Australian consumers can make person-to-person payments, send funds to friends or family members, or make account transfers. The exponential growth of Travelex’s payment processing environment resulted in a new set of operational challenges for the Currency Select Business Unit, the part of the Travelex Card and Mobile Payment Division responsible for foreign exchange ATMs, POS, and E-Commerce initiatives. An INETCO® customer for over ten years, Travelex chose to deploy INETCO Insight® to meet their business transaction management and data encryption challenges, without increasing the capacity load on the switch platform.