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Payment Optimization into Light, Innovating Cross-Border Finance for OTAs and Travelers
By CIO Applications Europe | Thursday, June 13, 2019
FREMONT, CA: Financial technology innovator, Ixaris teams up with Banking Circle, a financial service infrastructure company to support and streamline cross-border payments for the travel industry and leading to higher revenue by leveraging the latter's Virtual IBAN technology.
"Our partnership with Banking Circle allows Ixaris to offer an even more competitive edge to our travel customers, not only by optimizing payments but by creating a seamless cross border transaction process across more than 25 currencies in 60 countries in a way that banks would simply not allow," says Aran Brown, CEO of Ixaris.
Traditionally, cross border B2B payments needed organizations to have a physical footprint and open a bank account in the locations they wanted to operate in. The integrated solution allows businesses to send and receive payments anywhere in the world in real time at a low cost that can generate revenue and, ultimately, profitability. "Banking Circle Virtual IBAN plays an invaluable role in delivering faster, cheaper payments to merchants transacting around the globe," remarks Anders la Cour, CEO of Banking Circle. "Unlike traditional business to business cross border payments, which can incur high bank charges and payment delays, our solution enables Ixaris to give customers their own virtual IBANs."
The challenges for Online Travel Agents (OTAs), including the need for settling transactions instantly, and having to pay multiple suppliers through multiple payment methods in various locations are screaming out for a solution. Ixaris eases these pain points by transforming payments from a profit-draining necessity to a fully optimized revenue stream. "It doesn't matter what payments and OTA has to do; We dynamically allocate the right virtual card through our optimization engine on the right scheme with the most suitable economics for the relevant use case or geography that the transaction is occurring," adds Brown.