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Gelco Expense Management— News and Events: Press Releases

Gelco Press Releases

Recent announcements and news.

Gelco Selects E4X to Further Expand Global Payment Capability

NEW YORK, NY & MINNEAPOLIS, MN, March 17, 2005— E4X, Inc., a leading multicurrency services provider and Gelco Expense Management, the leader in expense management automation, today announced the expansion of Gelco’s global payment capabilities to include E4X’s Global Payments Service, enabling Gelco to offer clients a fully integrated, end-to-end solution for managing international expenses.

Gelco provides comprehensive outsourced expense management solutions to help organizations worldwide realize T&E cost savings by supporting policy compliance, increasing process efficiency and providing expense management reporting. With E4X’s Global Payments Service, Gelco offers clients a completely integrated, end-to-end international expense management service. E4X’s system incorporates unique efficiencies in operations and foreign exchange trading allowing for highly competitive pricing and the capacity to easily support rapid growth.

Gelco clients will benefit by using the Gelco global solution:
  • Reduced administrative burden – eliminates the need to deal with foreign exchange and high volumes of low value transactions

  • Detailed real-time reports -comprehensive payments tracking and reporting

  • Low cost foreign exchange and low per-transfer fees


Clients’ employees benefit by:
  • Quick – employees receive payment quickly

  • Simple – payments are made electronically in local currencies, using in-country clearing systems

  • Cost effective – reimbursement received is equal to the amount submitted - no hidden fees or foreign exchange risks


“By integrating E4X’s services and technology with Gelco’s global T&E expense management service, Gelco further enhances our global leadership position offering our clients a robust international expense management system,” said Brian Provost, Chief Operating Officer, Gelco Expense Management. “As we continue to expand globally, working with E4X enables us to consistently serve our clients with a cost-effective, efficient solution to settling international expenses.”

“This partnership will benefit multinational companies based anywhere in the world that outsource their international expense management needs to Gelco by simplifying reimbursement of expenses to employees, while eliminating any foreign exchange risk these companies might be exposed to,” said Mike DeSimone, SVP, E4X. “We’re delighted to have been able to offer Gelco this solution.”

About Gelco Expense Management
Gelco Expense Management, a division of Gelco Information Network, is the largest and most experienced provider of expense management and reimbursement programs. Gelco provides comprehensive outsourced expense management solutions to help organizations worldwide realize T&E cost savings by supporting policy compliance, increasing process efficiency and providing expense management reporting. The Gelco solution empowers organizations with a complete suite of web-based services including expense reporting, auditing, reimbursement and analysis services. Gelco Expense Management annually processes over $5.7 billion in expense payments for over 2.2 million users. For more information about Gelco Expense Management, please visit the company's Web site at www.gelcoexpense.com.

About E4X, Inc.
 E4X, Inc. provides a unique set of multicurrency services combined with a patented technology that enable companies to easily grow their international business while minimizing the cost, risk and complexity of multicurrency pricing, settlement and cross-border payments. With E4X, businesses allow global customers to shop and purchase in local currencies, receive payment in their currency of choice and make cross border payments to vendors, employees and other payees in their local currencies. E4X’s comprehensive solutions help companies of all sizes to expand globally while reducing foreign exchange risks, costs, and accounting complexities and easing the burden of reconciliation and reporting. Founded in 1999, E4X is based in New York and is privately held. The company operates a research and development facility in Tel Aviv, Israel. For further information, visit www.e4x.com.

For more information, please contact:

Melissa Holden
E4X Inc.
melissa.holden@e4x.com

Linda Orwoll
Gelco Expense Management
linda_orwoll@gelco.com

 
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