Further to the recent announcements from Moody’s Investors Service and Standard & Poor, whilst Travelex is disappointed with the decisions to downgrade the Travelex rating, Travelex remains committed to developing its business in 2020.
As previously communicated by Travelex on 2nd March regarding Q1 impact of the cyber-attack and Covid-19, Travelex currently expects to off-set a material portion of the losses from insurance in relation to the cyber incident. Timing is yet to be determined on when Travelex will receive the insurance payment.
As highlighted by rating agencies, Travelex and its listed parent company Finablr are in discussions with major lenders regarding the terms of the Travelex Revolving Credit Facility.
Travelex continues to focus on its development plans and customer service. It is taking action to reduce variable costs, ensuring efficiency of cash stocks and reviewing its cost base.
Tony D’Souza, CEO of Travelex, said “We acknowledge that these are unprecedented and challenging circumstances for Travelex. I would like to reassure our customers, partners and employees that we are committed to ensuring the best interests of all our stakeholders as we continue to focus on delivering on our 2020 agenda.”
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Headquartered in London, Travelex has a rich heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. With a presence in over 70 countries, and over 1,200 stores at both platform that reinvents physical and digital cross-border money movement globally to ensure its clients remain one international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.
A market leading foreign exchange specialist, the business covers the entire value chain of the retail foreign exchange industry. Travelex Group is also active in the remittances and payments space enabling physical and digital cross-border money movement for consumers and financial institutions.
Travelex is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.