Double success for Travelex at Prepaid Awards

Date: October 26, 2009

Travelex Outsourcing has scooped two of the ten awards on offer at the 2009 Prepaid Awards.

The independent judges nominated Cash Passport™ for three awards and the audience, consisting of 300 leading figures from Europe’s prepaid industry, selected the prepaid card for two awards on the night. Travelex Outsourcing fought off stiff competition to walk away with both the Best International Prepaid Program for Cash Passport and the Best Corporate Prepaid Program for Airline Compensation.

It’s been a good year for the product, with sales of Cash Passport™ increasing tenfold in the last twelve months alone. Offering travellers a secure and convenient means to carry money, Cash Passport™ is backed up by a free service that can replace funds in as little as 20 minutes if a card is lost or stolen. Travelex Outsourcing forecast that Cash Passports will outsell traveller’s cheques by 10:1 in 2010.

Commenting after the awards ceremony, Julian Rothwell, Managing Director, Outsourcing said:

“A Prepaid Award is special as the winners are selected by the audience on the night, consisting of the leading players from the prepaid sector. One award provides a great endorsement from the industry - two is just fantastic. There was some tough competition for these awards and everyone on the Cash Passport™ team should be immensely proud of this achievement. It is a testament to the hard work and passion we all put into making the product a success”.

Ends

Notes for editors
The winning products:

Cash Passport™
The Cash Passport™ is a prepaid currency card offering an alternative to cheques, cash and less cost effective debit and credit cards. Providing consumers and corporate customers with a safe, secure and convenient means of carrying funds that can be reloaded and re-used, Travelex forecast that Cash Passport™ will out-sell Travellers Cheques 10:1 by 2010.

Travelex offers Cash Passports™’ customers a 24-7, toll free, multi-lingual helpline, backed up by Global Emergency Assistance, a free service which provides customers with replacement funds in the event that a card is lost or stolen, in as little as 20 minutes.

The Cash Passport™ is being used by millions of customers in over 24 countries, worldwide, making it the most international prepaid ‘Travel Money’ card on the market.

Best Corporate Prepaid Program for Airline Compensation
The Corporate Cash Passport™ has been adapted to address the needs of global airlines which use cash or voucher based methods to compensate their customers.

By securing regulatory approval to use Corporate Cash Passport™ as an airline compensation product in over 70 countries, Travelex developed a global proposition facilitating worldwide implementation.

The card is not personalised and can be handed to the customer immediately, thus reducing compensation delivery time. Other benefits include:

• Improved customer service (10 to 3 minutes)
• Streamlined administration process
• Reduced security risk (no cash required)

Corporate Cash Passport™ is now being used by over 200,000 customers for airline compensation and their proprietary system has the capacity to handle 70m annual payments.

Travelex has now distributed twice their forecast volume and demonstrated the commercial value of the product. Their first partner achieved ROI payback in half the predicted time.

Travelex Outsourcing
Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in five regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers; it provides products including its prepaid travel card Cash PassportTM to over three million channel customers annually. Through its world-leading automation, Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering.

www.travelex.com | www.cashpassport.com

For more information, please contact the Travelex Outsourcing press office:

Rebecca Lamont/ Rebecca Maund / Matt Knight
07989 230737/ 020 7255 6400 / 01223 209960
rlamont@golleyslater.co.uk/ rmaund@golleyslater.co.uk / mknight@golleyslater.co.uk