Travelex designs new payments system for Universities
Travelex has designed a new payments system to meet the needs of educational institutions.
Travelex has designed a new payments system to meet the needs of educational institutions. Developed specifically for Universities with international students needing to make or receive overseas payments, the new solution incorporates two elements - an easy to use online incoming payment system and an integrated accounts payable function which also incorporates both reconciliations and query management.
Tony Wilson, Director of Travelex Commercial Foreign Exchange comments; “Compared with the limitations of manual enrolment, easy-to-use online initiatives have realised significant savings for the institutions, both in hard costs and in utilisation of staff resources. We estimate that by adopting this kind of solution the Education sector in the UK could be saving in excess of £30m each year. The system helps to minimise the costs and risks associated with foreign exchange.”