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Foreign exchange specialist Travelex has teamed up with credit card provider MasterCard to offer a new payment solution for business travellers.

The Corporate Cash Passport allows holders to preload the card with US dollars and use it at ATMs across the world to withdraw money in local currency.

In addition, the card can also be used to pay for goods at retail outlets that accept debit MasterCard.

The passport also offers a variety of security protection features including MasterCard's Purchase Assurance Service and Lost Luggage Service.

Christopher Russell, Travelex's executive vice president of outsourcing for America, insisted the passport will be welcomed by bosses keen to keep an eye on overseas expenditure.

He explained: "Through the online management tools companies can carefully monitor business travel expenses overseas or anywhere their employees need to travel."

In related news, MasterCard recently announced it is to temporarily cut multilateral interchange fees (MIF) for cross-border payments in return for the European commission dropping legal action and lifting threatened fines against the provider.

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