Fintech Spendology has launched a white label foreign exchange product aimed at the business travel sector.
The firm says corporates are missing out on travel cash opportunities to drive margin opportunities and to improve efficiencies within in-house departments.
The firm’s business travel solution allows client to set up individual platforms specific to their commercial needs and featuring their individual branding.
Spendology claims to be the only UK company offering a white label mail order travel cash service with delivery to any UK address instead of only to the cardholder’s registered address.
The delivery address for each order can be selected according to what suits the individual traveller’s schedule.
Karen Gee, marketing and business development director, said: “Research tells us that travel cash may be an overlooked element of business travel, often with widely different policies and approaches within the same organisation resulting in inefficient sourcing and time-consuming administration to manage and reconcile the expenditure.
“Spendology helps address all those issues offering partners a way to simplify and improve these processes and either making or saving money dependent on their commercial needs. It’s business travel’s quickest win.”
Despite the shift to digital, Spendology points to Mintel research which shows that 68% of people planning to travel overseas in the next two years prefer to use cash.
The research firm is also predicting pent up traveller demand will also prompt a recovery in the travel money market.
Over the next five years, Mintel predicts that the value of Brits’ spending overseas will return to growth, and expenditure is forecast to treble.
Mintel’s Travel Money UK, March 2021 Report also revealed of those planning to use cash overseas, 89% plan to buy foreign currency before departure, with 58% arranging currency within two weeks of their departure date.
Gee said: “Now is a good time for travel companies to plan ahead and look at ways to drive greater efficiency, ready for when international travel resumes.
“Set-up for the Spendology system can take from as little as two weeks. With travel businesses now looking more closely at their P&L, Spendology’s compliance-ready mail order travel cash service can really help make a difference.”
Last summer, Spendology launched the COVID-conscious Clean Currency product providing Sealed bundles of completely sterile banknotes giving peace of mind to travellers and to support safe travel policies for employees.