Fintech has arrived.
And for those wondering what exactly it is, it’s companies using technology to make financial services smoother.
Last year alone, over $19 billion was invested in Fintech start-ups globally and $40 billion has been invested in the last five years.
Now travel agencies can unlock these benefits of fintech as Amadeus has partnered with MasterCard to offer travel agencies payment acceptance and security around the globe, as well as better protection against supplier default when using B2B Wallet.
Amadeus’ solution will build on MasterCard’s vast global network to expand virtual B2B payments in travel.
As well, Amadeus is partnering with Ixaris to drive efficient virtual card management on B2B Wallet. With its payments technology, Ixaris allows travel agents to easily create and add funds to their virtual payment cards.
“Virtual card technology is the ideal application of Fintech innovation for the travel industry,” said Celia Pereiro, head of travel payments. “By combining the strengths of Amadeus, MasterCard and Ixaris, we bring flexibility, efficiency and confidence to travel agent B2B payments. Since we launched the product in February we have seen overwhelming demand for it and today have customers in 10 European countries.”
Hany Fam, MasterCard Enterprise Partnerships, noted that, “MasterCard has a history of successful, long-term partnerships across the entire travel eco-system. With our global acceptance, advanced security and automatic consolidation, Amadeus B2B Wallet gives travel agencies a host of reasons to leave cash, checks and other payment mechanisms behind, saving time and money.”
Alex Mifsud, CEO of Ixaris Group, commented, “This development is a strong endorsement of our strategy to develop B2B payments that suit specific industries, and – as is the case with Amadeus – supplying the payment capability to innovative and disruptive companies. Travel, and in particular, online travel, is an industry with huge potential to benefit from the changes in the way we pay, receive and send money.”