Travelex said it agreed to sell its global payments business to Western Union, a step that means Travelex will become primarily a processor of consumer payments in foreign exchange.In Australia Travelex has recently publicised research asserting that it is a serious challenger to banks in international business payments.Last month a media release from the firm stated that Travelex Global Business Payments Australia "is the number four provider by market share for international payments in the Australian SME market", with turnover of less than $100 million, and ranked ahead of  Commonwealth Bank.Western Union will pay £606 million for Travelex Global Business Payments.Earlier this year Travelex sold it prepaid card program management business to MasterCard.In Australia, revenue and profits for Travelex have been tough to maintain. The financial statements for the year to June 2010 shows turnover (mainly commissions and fees) fell slightly to A$175 million. Net profit fell to $7.7 million from $9.4 million.Western Union in Australia reports turnover in financial statements filed with ASIC of only $10 million in 2009.