Citation
(1999), "Exchange is no robbery", Work Study, Vol. 48 No. 2. https://doi.org/10.1108/ws.1999.07948bab.006
Publisher
:Emerald Group Publishing Limited
Copyright © 1999, MCB UP Limited
Exchange is no robbery
Industry news
Exchange is no robbery
Thomas Cook's revolutionary "Virtual Trading Desk", launched in August 1998, gives business customers online access via the Internet to Thomas Cook's CFX (Commercial Foreign Exchange) service, allowing payments to be made to overseas suppliers at the touch of a button. The service won first place in the 1998 Awards for Innovations in e-business, sponsored by British Telecom, for the development of the UK's very first Internet-based international payments system. At the time, Professor Colin Coulson-Thomas, Chairman of the awards judging panel, said: "We chose Thomas Cook's Virtual Trading Desk for the award as it provides a real solution to a real business issue faced by companies across the UK. It is the ideal model for what applications in e-business should be simple, understandable and closely focused on the needs of the customer. A well-deserved victory".
Through the Thomas Cook system, customers can make payments either by foreign currency draft or telegraphic transfer, literally in seconds, with complete security and without needing to fill in any forms, or even pick up the phone. And once the button has been pressed, Thomas Cook guarantees to process and confirm the full cost of the transaction within just two hours, by both e-mail and fax. The system is Web-based and can be accessed from anywhere in the world via the Thomas Cook CFX Website at www.fx4business.com