Case Study: Travelex achieves greater visibility, control, and a seamless virtual close with BlackLine

Travelex streamlines 2,500+ monthly reconciliations with BlackLine

Travelex, a global foreign exchange provider, faced a significant challenge in managing over 2,500 account reconciliations monthly across its 115+ business units in 50+ countries. Their manual, spreadsheet-based processes lacked visibility and control, making it difficult to track the status of tasks and ensure a timely and accurate financial close. The company turned to BlackLine for its account reconciliation solution to address these inefficiencies.

By implementing BlackLine's cloud-based platform, Travelex standardized its reconciliation processes and gained real-time visibility into its entire close cycle. The solution from BlackLine enabled a seamless virtual close during the COVID-19 pandemic, freed up valuable time by reducing manual tasks, and reduced errors. Some reconciliations that previously took three days became a 20-minute job. The company also achieved greater control and substantiation of its reconciliations, providing a single source of truth for both internal teams and external auditors.

Travelex