This partnership was designed for Virgin Atlantic to implement Payment Orchestration with CellPoint Digital. This full implementation aims to provide a secure and user-friendly payment transaction for travellers, setting new standards for customer satisfaction in the airline industry's payment landscape.
Before implementing CellPoint Digital's Payment Orchestration solution, Virgin Atlantic faced the challenge of managing an expanding range of individual acquirers and payment method providers in different markets, each with its own implementation process and cost structure. The airline lacked a way to view its entire payment ecosystem's performance, making it challenging to execute optimal payment combinations that would yield the best financial results.
Payment Orchestration aims to solve these challenges by providing a single platform that reduces complexity and gives Virgin Atlantic more control and visibility into its payment processes. CellPoint Digital's Payment Orchestration platform also helps the airline route its transactions to its preferred acquirers, add new acquirers, and ease its cross-border payments. All of this will help to mitigate costs and diversify risk. The Velocity platform also offers the ability to roll out more payment options to passengers and travellers, creating a more positive booking experience, minimising abandoned transactions, and growing revenue.
Therefore, Virgin Atlantic has partnered with CellPoint Digital to reduce transaction costs by leveraging intelligent routing capabilities. This partnership will enable them to gain more control over their payment processes and acquirer relationships and centralise the management of their entire payment ecosystem through a single unified platform.
Commenting on the announcement, Virgin Atlantic stated that CellPoint Digital helped the company transform its business by providing the option to use multiple acquirers simultaneously. This also allows the company to diversify its risk, reduce costs, and optimise its payment strategy.
Payment Orchestration is an AI-based solution that offers numerous benefits to businesses by providing a unified platform. In this case, Virgin Atlantic and CellPoint Digital have joined forces to improve operational efficiency and the customer experience, since Payment Orchestration is a rapidly growing trend in Europe and the rest of the world. It has already proved very effective in the ecommerce sector, and there are several use cases in the e-travel industry. According to MarketResearch.com, the market for Payment Orchestration is expected to grow by 25.75% from 2021 to 2027, with a projected value of around USD 4.7 billion by 2027.
The adoption of Payment Orchestration platforms is becoming increasingly popular as it optimises payment processing at every stage, reducing the number of failed transactions, costs, and acceptance times. It also maximises sales and provides a customer experience with no friction and complete safety. Some advantages of implementing a Payment Orchestration platform for travel and hospitality sales include saving time and resources, improving conversion rates, simplifying access to international markets with specific payment systems for each market, reducing computer fraud, and automating payment reconciliation with individual reservations.
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