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Nium launches closed-loop payments solution for airlines, OTAs

Tuesday 22 November 2022 14:51 CET | News

Singapore-based fintech Nium has launched a closed-loop payments solution, Nium Airline Payments (NAP), powered by Universal Air Travel Plan (UATP).

 

NAP aims to provide airlines, travel agents, and online travel agencies (OTAs) with a sustainable and equitable closed-loop payment model, looking to put a halt to damaging surcharges and business restricting non-acceptance policies that are known to have been inflating B2B travel payments costs. 

Nium Airline Payments (NAP) solution and what it entails

As per information offered in the company’s press release, the technology for the solution is provided to Nium via its acquisition of Ixaris in 2021, a travel payments optimisation company. Among the first contracts that Nium has made for the solution includes Air Europa, which was looking to collaborate with the payments company to solve inequities associated with traditional card payments models, which are known today to offer travel agents and OTAs financial incentives that strike at the core of an airline’s margins. 

Having this knowledge at its base, the closed-loop Nium Airline Payments solution aims to eliminate margin-consuming intermediaries from the payment flow, looking to give airlines the flexibility and control needed for designing transparent incentives for OTA partners based on routes, seasonality, and business volumes, amongst others. 

Nium’s process is believed to guarantee payment acceptance for airlines, as they are wired to accept payments through the UATP network. Furthermore, the process is IATA Resolution 890 compliant and registered with the IATA TIP (Transparency in Payments) programme.

Offering these capabilities, the solution enables companies of the likes of Air Europa to benefit from significantly reduced per payment cost savings, faster settlement times, and flexible incentives for sellers, all without there being a requirement for additional technical integration. 

Singapore-based fintech Nium has launched a closed-loop payments solution, Nium Airline Payments (NAP), powered by Universal Air Travel Plan (UATP).

Speaking on the Air Europa contract, Nium officials have advised that they are looking forward to working with the company towards resolving one of the biggest difficulties related to airline distribution, and that is of either increasing the distribution at the price of accepting high payment fees or limiting distribution to partners who provide better payment terms but reduce the overall sales opportunities.

The news of the products marks on the latest developments in Nium’s evolution of its B2B payment solutions offering for the travel industry (which includes not only airlines but also hotels and travel agents amongst others), which provides virtual credit cards (VCCs), real-time ‘pay-in, pay-out’ in more than 100 currencies to over 190 countries, as well as crypto solutions.

Nium company information

A global platform for Modern Money Movement, Nium provides banks, payment providers and businesses of all sizes with access to global payment and card issuance solutions. Its modular platform powers frictionless commerce, looking to help businesses with paying and getting paid across the globe. 

After connecting to the company’s platform, businesses are enabled to pay in over 100 currencies to more than 190 countries, 100 of which are in real time. Funds receival is possible in 35 markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India, and the US, whereas Nium’s card issuance business is available in 34 countries, including Europe (SEPA), the UK, Australia, and Singapore.

Nium holds regulatory licenses and authorisations in more than 40 countries and enables global payments and rapid integration regardless of geography. 

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Keywords: product launch, online payments, payments , B2B payments, travel payments, Nium, ecommerce platform
Categories: Payments & Commerce
Companies: Nium, Universal Air Travel Plan (UATP)
Countries: World
This article is part of category

Payments & Commerce

Nium

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Universal Air Travel Plan (UATP)

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