Press Release

Travelex and BankServ Join Forces to Make Global Payments Easier for Financial Institutions and Their Customers

SAN FRANCISCO, June 10, 2008 — Travelex Global Business Payments, the world’s largest international payments and receipts provider, and BankServ, worldwide experts in electronic payments, have partnered to enhance BankServ’s Global Funds Exchange® (GFX) payment solution. GFX, already the leading solution for financial institutions to enable fast, secure customer payments anywhere in the world, now offers new features for banks to protect and grow deposits while earning ancillary revenues.

GFX provides banks a one-stop shop to create and send domestic and international wire payments. The solution, which can be managed within a bank’s operating environment or supported via BankServ's GFX Service Bureau, is the easiest and most cost-effective way for banks to satisfy high-value customers who routinely need immediate money transfer capabilities. The Travelex/BankServ partnership expands the capabilities of GFX by offering improved currency exchange choices for financial institutions and by offering strategic marketing support for banks looking to build and maintain their global payments business.

"Our partnership with BankServ presents a major opportunity for financial institutions that are looking to grow assets and build a fence around their most important customers," said Bob Dowd, vice president of channels and alliances for Travelex Global Business Payments. "More than ever, financial institutions need improved money transfer tools to better serve the domestic and global payment needs of their customers. Travelex's partnership with BankServ equips financial institutions with a best-in-class solution."

The enhanced GFX solution streamlines global payments, delivering benefits such as increased processing efficiency, better activity reporting, and reduced errors caused by duplicate and manual entries. It also provides BankServ clients improved choices to fulfill wires through a variety of financial institutions or non-competitor providers like Travelex.

"BankServ is committed to provide best-in-class solutions for financial institutions to meet the needs of a wide range of customers," said Dennis Mierzwa, Vice President of Wire Services for BankServ. "We are excited to partner with Travelex and improve our foreign exchange offerings. BankServ now offers GFX customers a larger choice of currency exchange providers and has improved GFX's support capabilities."

With the Travelex/BankServ partnership, GFX client banks can ensure their customers get the best possible foreign exchange rates and that they capture any revenue opportunity on the front end of the transaction instead of the receiving foreign bank. In this program, banks earn a percentage for every international payment processed through BankServ's GFX system. Travelex also provides experience and strategic resources to help banks develop and execute a marketing strategy to build and maintain their global payments business.