Modulr, the embedded payments platform, today announced the release of an innovative travel payments solution designed specifically to address the unique needs of online travel agencies (OTAs) and travel industry intermediaries. The new solution increases operational efficiency, streamlines reconciliation and cash flow processes, and enables margin-enhancing opportunities in the travel sector.
The travel industry's traditional payment infrastructure is often fragmented and outdated, dependent on multiple vendors and creating cumbersome manual processes. The International Air Transport Association (IATA) reports that payment inefficiencies remain a top concern for 41% of travel companies. This not only places operational burdens on businesses and impacts lower profit margins, but also impacts supplier relationships and creates a poor customer experience.
Modulr's comprehensive platform and deep payments network connections are designed to overcome these challenges and are tailored to the specific needs of the travel industry. We offer a suite of solutions in multiple currencies, including virtual cards, account-to-account transfers and customizable notifications, all supported by detailed reporting and accessible through a single API integration and an online portal tailored for travel agents.
Travel companies can benefit from a range of fixed interchange rates available for both VISA and Mastercard, allowing for customized arrangements with suppliers and effectively responding to changing customer needs. Modulr's virtual cards are powered by advanced authorization controls, ensuring all transactions are transparent, flexible and secure.
Miles Stephenson, CEO and Founder of Modulr, highlighted the importance of this innovation, saying: “Our goal is to mitigate the payment challenges facing the travel industry, integrating a comprehensive virtual card program suite with cutting-edge payment and account issuance capabilities to provide an all-in-one solution for the travel industry.”
Modulr's industry-leading platform is deeply integrated into the payments ecosystem with a full range of payment capabilities including virtual cards, collections, disbursements and supplier payments, including methods such as open banking, direct debit, accelerated payments, Bacs, Chaps, SEPA and SWIFT. Integrated into one seamless API and portal, the technology enables travel companies to confidently navigate financial complexity and strategically plan for the future.
