Travelex, Fundtech partner to offer foreign payment solution

Travelex Global Business Payments, a provider of cross-border payments solutions, and Fundtech, a transaction banking solutions provider, have formed an alliance to provide an integrated foreign payment solution for US financial institutions.

The alliance will offer financial institutions using Fundtech's PAYplus USA for domestic wire transfers a seamless connection to Travelex's international wire payments platform.

Fundtech said that this integrated international payment capability will enable banks and credit unions to grow their non-interest revenue streams, and allows them to focus on their core business activities.

The partnership will allow Fundtech customers to benefit from an integrated foreign payments solution that streamlines payment processing; reduces errors and consolidates reporting options.

Travelex Global Business Payments director partnerships and alliances Matthew Lewis said that many financial institutions are looking for convenient, efficient and cost-effective international payment solutions and our alliance with Fundtech ensures that all transaction, compliance and settlement functions are integrated on to one platform.

"Fundtech gives us a tremendous opportunity to respond to the needs of our financial institution customers by offering them access to a seamless and integrated solution for their global payment needs," Lewis said.