According to the press release, the initiative comes to offer travel companies greater control over ecommerce currency conversion. On the other hand, it supports travelers, as booking an airline ticket can be confusing when prices are displayed in a foreign currency. To improve the customer shopping experience, travel companies, such as travel agencies and airlines, are keen to offer customers the possibility to see ticket prices in the currency of their choice.
Therefore, by re-engineering the way payments are presented and managed from authorisation to settlement, the Amadeus solution, FX Box, empowers travel suppliers to internalise the proceeds of a cross-currency payment. The potential for savings can be significant and could represent incremental revenue of up to several percentage points on multi-currency transactions. Besides, the solution provides travel firms with real-time access to FX rates for more than 170 currencies.
Furthermore, Amadeus is working to add more foreign exchange providers so that travel companies can select their preferred partner, with Citi being the first available on the platform. FX Box is integrated into Amadeus’ Xchange Payment Platform which brings together foreign exchange and travel data into one platform.
Overall, this single data view has the potential to improve efficiency for travel companies as it simplifies revenue accounting, reconciliation, and reporting activities, which can typically be complex and time-consuming.
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