Global payment orchestration platform FinMont has partnered with digital payments provider Pax2pay to incorporate travel virtual card solutions for European merchants.
FinMont was launched by the founders of the German airline Hahn Air to provide the travel industry with a solution that simplifies B2C payments, as well as B2B payments, combining them into a single view. This approach helps decision-makers identify and rectify inefficiencies in their current payment processes. Moreover, the company aims to assist travel merchants in using payments as a strategic tool to differentiate themselves from their competitors.
Through this collaboration with Pax2pay, FinMont aims to incorporate its virtual card into its partner platform and provide travel merchants access to B2B virtual card payment solutions throughout Europe.
According to the official press release, Pax2pay is an important provider of B2B payment solutions for the travel industry. It provides OTAs, airlines, hotels, and other businesses with a full range of payment methods, including virtual card issuance, bank transfers, account creation, and accounts payable technology. This helps them to unlock additional revenue, increase acceptance, and improve security for every payment they make.
Moreover, Pax2pay's digital payments solution developed for the travel industry allows businesses to simplify their payments. As the official announcement further explains, these solutions provide increased financial control, efficient processes, transparency over payments, easy-to-make operations, and the ability to build trust with suppliers. Thus, it ensures an efficient financial management.
Through this newly announced collaboration, FinMont intends to make payments simpler by linking multiple banks and providers through a single gateway. Furthermore, the Pax2pay partnership aims to help the global payment platform distribute the virtual cards solution to European merchants, expanding the FinMont payment ecosystem.
Commenting on this, FinMont officials said that this partnership will strengthen and expand the FinMont proposition in Europe, allowing the company to provide its clients with all the advantages of this modern solution. The company also intends to further partner with banks, payment, fraud, and other providers to offer customised solutions to the travel industry.
In turn, Pax2pay added that the collaboration with FinMont helped them to develop a payment solution specifically designed to address the challenges and needs of the travel industry.
In the course of 2023, FinMont entered multiple partnerships and announced several additional capabilities to advance its development strategy. At the beginning of December, the company partnered with Payplug to incorporate an omnichannel payment solution for European merchants into its global travel payment ecosystem. Leveraging its partner capabilities, FinMont intended to help its clients benefit from accessible payment solutions.
Earlier, at the end of October 2023, FinMont incorporated the Web3 infrastructure Camino Network by Chain4Travel. The decentralised travel blockchain allowed FinMont to receive Web3 solutions, such as personalisation through digital wallets and tokenisation, and integrate them into its global payment ecosystem. With this, FinMont intended to transform payments by linking various banks and providers via a single gateway.
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