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THOMAS COOK EXPANDS PRESENCE WITH IMPROVED INTERNET FOREIGN EXCHANGE SERVICE

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THOMAS COOK EXPANDS PRESENCE WITH IMPROVED INTERNET FOREIGN EXCHANGE SERVICE

New Features Enhance "Virtual Trading Desk"

TORONTO, ONTARIO, July 27, 1998 — Worldwide travel and financial services company Thomas Cook today announced the relaunch of fx4business.com, its global interactive foreign exchange service, and the expansion of the site's Virtual Trading Desk into the United Kingdom on August 3. This corporate foreign exchange site provides companies with state-of-the-art tools that enable them to exercise a truly global reach from wherever they do business.

"Thomas Cook's Virtual Trading Desk is an invaluable tool for conducting international transactions," said Daniel Mahone, Accounts Payable Coordinator, Worldspace Corporation. "The site makes it possible for us to coordinate the entire billing process online, saving Worldspace time and money. In fact, the Virtual Trading Desk has helped us cut in half the time we spend on international billing transactions."

The improved Virtual Trading Desk now uses advanced Java script, which performs transactions more quickly, delivering greater efficiency and flexibility for Thomas Cook customers, who receive immediate domestic pricing on transactions. The site also provides enhanced reporting and templating which allow customers to generate reports from the site, reference past orders, and customize the service to rapidly build and execute repetitive transactions.

"As a consumer-driven business solution, fx4business.com and the Virtual Trading Desk offer customers the ability to manage their international business transactions efficiently without the obstacles inherent in a stand-alone, PC-based solution," said John Telford, Senior Vice President, Corporate Foreign Exchange, Americas. "Our customers depend on real-time, online convenience for their foreign exchange transactions, and Thomas Cook is pleased to deliver these services to customers in the United Kingdom as we expand internationally."

Originally launched in February 1997, fx4business.com ranked first among Internet foreign exchange services by the Dow Jones Business Directory in November 1997, which recognized the site's outstanding speed, content, navigation and design. The site's Virtual Trading Desk provides real-time foreign exchange over the Internet and facilitates international drafts and wire transfers from any Internet-ready computer anywhere in the world.

Telford continued, "In addition to the technical security provided by Netscape's Secure Socket Layers (SSL), Virtual Trading Desk customers depend on Thomas Cook for the type of strong business practices which are an integral part of any financial application. By matching cutting edge technology with over a century and a half of experience in helping customers manage their transactions, we have created a business to business application that inspires confidence. As Thomas Cook strives to meet customer needs and expand our presence, our customers' security and peace of mind will always be a priority."

The site now includes free, easy-to-reference "News & Information" and "Quick Facts" sections accessible to visitors directly from the homepage. These sections contain insight on timely issues such as the European Monetary Union, NAFTA, and Y2K and are updated daily according to customer relevance. The site also provides daily market commentary and suggestions on better ways for global companies to trade.

Thomas Cook is an international leader in the provision of corporate foreign exchange services. In North America, the company provides tailored solutions to businesses using foreign currency drafts and wires, foreign check and wire collection and foreign currency forwards. The corporate foreign exchange division is part of the Thomas Cook Group, one of the world's foremost travel and financial service providers. The Group operates the world's largest retail foreign exchange network, with bureaus in over 100 countries. Thomas Cook's North American Financial Services Division is headquartered in Toronto, Ontario.

Visit Thomas Cook's interactive foreign exchange web site at www.fx4business.com.




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Copyright 1998 Thomas Cook North America. For comments concerning this page and design: Vanessa Howle

This page was last updated Sept 1998