New Amadeus B2B Wallet Partner Pay solution simplifies how travel agencies pay airlines
Travel agencies made payments worth at least $236 Billion to airlines in 2017 alone, according to IATA. Yet, today’s approach to making such payments remains costly and complex. It’s against that backdrop that Amadeus, Elavon and Mastercard have partnered to deliver an innovative payments approach that benefits both travel agents and airlines.
The Amadeus B2B Wallet Partner Pay solution is already reducing the cost and complexity of receiving and making payments for Thai Airways and Select Travel, a travel agency based in Sweden, as part of an on-going trial. When the agency initiates a payment on a Thai Airways booking it uses a virtual Mastercard card. Elavon acts as the acquirer so the airline can accept payments initiated by a wide variety of issuers within Mastercard’s global network.
The new solution covers the entire payment flow between Thai Airways and Select Travel improving efficiencies and reducing costs by up to 70% compared to existing payments methods – such as checks and bank transfers – which incur higher transaction costs. The savings are achieved through efficiencies in fraud prevention, chargebacks and cash flow.
Bart Tompkins, Managing Director, Payments, Amadeus commented: “We’ve taken a close look at travel agency payments to airlines and how we can simplify the situation in a way that works for everyone. Amadeus B2B Wallet Partner Pay is more secure, more straightforward and less costly for all players, which is essential for the adoption of a new payment innovation.”
Airlines can now accept Amadeus B2B Wallet Partner Pay virtual card from travel agencies that facilitates flexible payment models and transparency on the cost of acceptance. Additionally this payment method has been designed to help increase loyalty and ultimately, encouraging additional bookings from travel agency partners.
Mrs Pornsri Chotiwit, General Manager Sweden, Finland & Estonia, Thai Airways added: “We’re pleased with the results of the pilot and view this new approach as an important way to build closer ties with travel agencies. We think it’s a ‘win win’ for us and our partners.”
“At Mastercard we are committed to making it easier to make and receive payments. Through our long standing partnership with Amadeus we continue to develop innovative solutions that address the needs of the broader travel ecosystem” ;said Kevin White, Director Enterprise Partnerships Travel Industries, Mastercard.
Brett Turner, Head of Airline Acquiring, Elavon said: “As the world’s largest payment processor for the airline industry we are in a strong position to contribute to this innovation. Our customers expect us to find new ways to reduce the complexity of payments and this is a great example.”
Amadeus B2B Wallet Partner Pay is an extension of Amadeus’ B2B Wallet offering, which is integrated into the travel agency booking flows allowing each payment to be made by a single use virtual card. The approach automates payments reconciliation whilst enhancing fraud prevention and protecting agencies from the risk of supplier defaults.
About Amadeus
Travel powers progress. Amadeus powers travel. Amadeus’ solutions connect travelers to the journeys they want through travel agents, search engines, tour operators, airlines, airports, hotels, cars and railways.
We have developed our technology in partnership with the travel industry for over 30 years. We combine a deep understanding of how people travel with the ability to design and deliver the most complex, trusted, critical systems our customers need. We help connect over 1.6 billion people a year to local travel providers in over 190 countries.
We are one company, with 17,000 employees across 70 offices. We have a global mindset and a local presence wherever our customers need us.
Our purpose is to shape the future of travel. We are passionate in our pursuit of better technology that makes better journeys.
Amadeus is an IBEX 35 company, listed on the Spanish Stock Exchange under AMS.MC.
To find out more about Amadeus, visit www.amadeus.com.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Thai Airways
(THAI) is one of the market leaders in Sweden in terms of revenues and number of passengers traveling to Thailand. We constantly evolve, and we aim to expand further to ensure that THAI has a forefront position to the key markets in Asia for Scandinavian travelers.
THAI Sweden currently employs 26 and has a turnover of more than USD 70 million. The route network includes of 75 destinations and we operate a daily operation at Arlanda with a double daily operation during December to April at specific weekdays.
Our office is situated in the heart of Stockholm and we have a representative office for ground operation and cargo handling at Arlanda Airport to ensure our passengers journey is Smooth as Silk.
In 2018 Thai Airways International received three Skytrax World Airline Awards as the World’s Best Economy Class, World’s best Airline Lounge Spa, and Best Economy Class Onboard Catering.
To find out more about Thai Airways Sweden, visit Thai Airways website.
Notes to editors
About Elavon
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go. Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant Services, is regulated by the Central Bank of Ireland and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request.
About U.S. Bank
U.S. Bancorp, with 74,000 employees and $488 billion in assets as of September 30, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank online or follow on social media to stay up to date with company news.
Visit U.S. Bank and Elavon online or follow on social media to stay up to date with company news.
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Contact:
Joe Rauch, Communications Manager | Global Head of Communications for Merchant Acquiring | Public Affairs and Communications
E: joseph.rauch@usbank.com P: 919.260-2994