Icelandair case study | Elavon 

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[00:00:00.00] [PEACEFUL MUSIC]

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[00:00:00.00] The sun rises in a sky filled with grey clouds. A village against a craggy cliff. A stone sign for Icelandair Group. Text, Bogi Nils Bogason, C E O, Icelandair.

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[00:00:07.32] We are the flag carrier of Iceland, and Icelandair has been around for many years. The company traces its roots back to 1937. Tourism is the largest export industry in Iceland, and we can say Icelandair is the driving force for the Icelandic tourism industry.

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[00:00:22.14] A man in a compartment at the end of a crane sprays de-icer on plane wings. It is dark out, and the de-icer billows through the air.. Text, Sigrun Hjartardottir, Director, Treasury and Risk Management, Icelandair.

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[00:00:25.64] Icelandair operates a hub-and-spoke business model, where our hub is in Keflavik Airport in Iceland, our home. And then we connect the two continents, Europe and North America.

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[00:00:35.87] A flight board shows flights to Toronto, Denver, Budapest, New York.

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[00:00:35.93] Elavon is the largest and most important acquirer for us, handling a very substantial portion of our international sales and web sales, particularly the US but also the Scandis and European currencies. Elavon takes care of funneling a large part of that into US dollars, which is our functional currency. So it just makes life that much simpler.

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[00:00:55.73] She walks with a woman in a green sweater.

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[00:00:56.21] I had been on the job for four days when the pandemic really hit us through the US closing their border. So what we did was we reached out to all our trusted partners, of which Elavon is one of the largest, and came up with a plan.

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[00:01:11.01] A sign at the airport in Iceland. It is in English and Icelandic. People buy tickets from a person behind a counter.

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[00:01:13.24] Elavon knows the business and the industry in and out. Having a counterparty like Elavon and the Elavon team which has a great experience and know-how about the industry and us and our business model and our needs and challenges, the seasonality in our business.

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[00:01:28.22] An Icelandair plane on the tarmac. The sky is dark blue.

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[00:01:29.18] I found that the Elavon team was, first of all, just responsive. They were easy to get to, and they had that solution attitude, where we're in this together. It matters that they have the backing of a large bank. And they are made of stern stuff as well as we are. So I would have every confidence that we would be able to weather another storm like this.

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[00:01:48.90] A plane at the gate. The sky lightens.

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[00:01:50.95] Icelandair's future is bright with a multitude of opportunities that we're looking into or cultivating, opening new markets.

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[00:01:58.27] A globe spins. A map of Icelandair routes from Reykjavik. A sign reads, We bring the spirit of Iceland to the world.

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[00:01:58.48] And what we need for that to be realized is a reliable partner such as Elavon that can offer us a global reach and can work with us to expand the payment ecosystem that we can offer our customers.

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[00:02:11.61] A pushback tractor pushes a plane backwards onto the runway.

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[00:02:12.61] Elavon has been with us in the good and the bad times and was very supportive during the pandemic and was a very important partner through the restructuring. And now we are in a stronger position. And we believe in a strong and long-term relationship, and that is what we see with Elavon going forward.

[00:02:33.34] [PEACEFUL MUSIC]

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[00:02:33.61] An Icelandair plane takes off into the lightening sunrise.

[00:02:39.75] Text, u s bank, Elavon.