Selling the Drachma

Pitney Bowes helps make the money switch

Stamford, CT  June 13, 2001  Got a yen to do business in Japan, but your accounting department is a little stumped at the exchange rate? Does Russia look like a ripe spot for expansion, but rubles just don't compute in your spreadsheet? Have no fear, coin-of-the-realm-wary worker. Pitney Bowes has launched a new foreign currency payment service, Pitney Bowes International Payments, geared toward providing small- to mid-sized businesses in the United States to more easily make payments in over 60 foreign currencies by picking up the phone.

"At Pitney Bowes, we help our more than 2 million customers manage the messages, manage the money and manage the business information around a number of key, core business processes," said Amy Harris, vice president, Pitney Bowes Global Payments Solutions. "With the explosive growth of cross-border transactions and e-commerce, it was clear that small- to mid-sized businesses needed a better, more convenient way to manage foreign currency payments.

With Pitney Bowes International Payments, customers can pay international suppliers or employees in their local currency using the telephone or a fax to wire or draft funds directly from their existing business bank account. In addition to better access to the system and improved service, Pitney Bowes International Payments confirms all transactions by e-mail with details and costs stated in U.S. dollars. The service can notify payment beneficiaries by e-mail as well, a service that helps customers better manage payment information to their suppliers and vendors.

To manage payments in over 60 foreign currencies, customers complete a registration form to set up the account and then call or fax the Pitney Bowes Bank to initiate foreign currency payments. Pitney Bowes then communicates with their bank to complete the transaction.