News from the Wire

Travelex continues to make good progress with its technology recovery

Monday, January 13, 2020 — 15:04:40 (EST)

London, 13 January 2020 - Travelex (“the company”) today announces that it continues to make good progress with its technology recovery. Having already restored some of its internal and order processing systems, the company is now starting to restore customer-facing systems, beginning with the in-store systems that process customer orders electronically.

Tony D’Souza, CEO of Travelex, said: “We continue to make good progress with our recovery and have already completed a considerable amount in the background. We are now at the point where we are able to start restoring functionality in our partner and customer services, and will be giving our partners additional detail on what that will look like during the course of this week.

“I would like to thank all our partners and customers for their patience and understanding while we work through the technical, commercial, legal, regulatory, law enforcement, and other complexities of a global organisation that has experienced an attack. I also want to thank our 9,000 colleagues around the world who have worked tirelessly, during what has been a very testing time, to support our customers. We are confident, based on our efforts to date, that we will be able to restore our services and ensure the integrity and robustness of the network.”

Update on Technology Recovery

Travelex will now start restoring customer-facing systems, beginning with those which enable the company to process customers’ order electronically within its partners’ and its own retail branch networks.

This follows the restoration of many of the internal capabilities necessary to support partner and customer services, which has been in progress since the beginning of last week.

The focus is to ensure the integrity and robustness of the network and therefore Travelex is bringing systems up in a controlled and secure manner.

Partners and Customers

Staying focused on partners and customers remains at the forefront of Travelex’s priorities. It will continue to communicate with partners about the resumption of services and provide a roadmap setting out the next steps in its recovery.

The majority of the Travelex business has been operating and servicing customers around the world. The company has also been able to honour most online orders for collection in store. Where it cannot, it has proactively reached out to those affected to make alternative arrangements.

The company has been providing refunds to customers where appropriate and encourages customers to get in touch to discuss their specific situation. The 24/7 global customer support desks are fully operational to offer advice, workarounds and to discuss any customer concerns. Customers are encouraged to check their local website for the best way to get in touch with customer support in their respective country.

Engagement with Regulatory and Relevant Law Enforcement Agencies

Travelex continues to work with relevant authorities, including the National Cyber Security Centre (NCSC) and the Metropolitan Police. Based on Travelex’s extensive internal assessments and the analyses conducted by its expert partners there is no evidence to suggest that customer data has been compromised. The Information Commissioner’s Office (ICO) is aware of Travelex’s position. The protection of its customer and partner data remains the company’s priority.

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About Travelex

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 on-airport and off-airport locations around the world, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate 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.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.