AIB Merchant Services’ Post

🚨 Still time to register for our Introduction to the Travel Payments Ecosystem webinar taking place tomorrow in collaboration with Mastercard Academy Europe. Join Chiara Quaia and Kevin White for the first in a series of webinars aimed at providing travel issuers, acquirers and travel agencies with all they need to know about the latest travel payment trends and technologies. 👇 Follow the registration details below #TravelPayments #VirtualCards #Webinar #Travel #B2BPayments

🚨 We've teamed up with Mastercard Academy Europe to create a series of webinars focused on travel payments. 📅 The first in the series takes place this Friday 14 June, so follow the link below to secure your virtual seat and join myself and Chiara Quaia for an introduction to the Travel Payments Ecosystem. #TravelPayments #VirtualCards #Webinar #Travel #B2BPayments

Assessing the role of #paytech in travel The way a consumer wants to pay for a trip, such as their air ticket, using the available funds should be under their control. If a #travel merchant neglects to address payment concerns and instead makes the consumer do less, they will likely not achieve the desired #conversion rate. Companies have struggled with this issue as #payments are often viewed as a mere commodity. Therefore, seamlessness and control are crucial when it comes time to pay. For example, if the total at checkout is $1700, why not allow the traveller to pay a percentage upfront to secure their booking and the remainder on the day of travel? What policies regarding cancellations and other aspects need to be established to facilitate this? With the focus now on making payment at #checkout instant and integrated seamlessly into a shopper's experience, it is important to assess the impact of emerging paytech (the combination of payment and technology). How are the integration of data, identity, and payments leading to new experiences such as contactless and instant payments? Paytech specialists are not only creating new experiences for consumers but also simplifying processing and other B2B functions. Some key areas to consider include: ·        Assessing the utilization of traditional and modern banking systems and identifying where consumers encounter less payment friction. ·        Improving the cross-border payment process for greater efficiency. Hear from experts at the upcoming #ATPSAPAC in Phuket, Thailand (20-21 August, 2024): https://lnkd.in/gHGrNw84 By Ritesh Gupta, Ai Events Christopher Staab Samuel Flynn SheueChee Beh Nakul Kothari Grace Fang Damien Cramer Laurie Gablehouse Discover Global Network Mastercard Visa UATP Worldline Outpayce from Amadeus #travelpayments #airlines

What to expect when it comes to interoperability in digital payments this year? This is important for merchants like airlines as they need to embrace a cross-border infrastructure that can pave the way for streamlined payments. The issue here is there are systems in place that facilitate different types of transfers, such as credit card transactions, bank-to-bank transfers etc. For this to work, the set up requires information exchange both within and across these different systems. As for how payment interoperability works, it does its job silently in the background, enabling a link between travel shoppers and businesses, irrespective of their preferred method of paying or being paid. Technically, it means streamlining payment transactions between distinctive applications and infrastructure to enable a simplified processing. So one uses a credit card or a mobile wallet, a message is generated that features requisite details for transfer of funds and further systems receive this for a settlement. This is streamlined with interoperability. https://lnkd.in/gipjJRGb By Ritesh Gupta, Ai Events Christopher Staab IBS Software International Air Transport Association (IATA) Worldline TerraPay Nium Mastercard Outpayce from Amadeus #travelpayments #paymentprocessing #ATPS2024

The travel sector is on the brink of a monumental shift! 🌟 The era of card payments is diminishing. As consumer behaviours evolve, airlines face increasing pressure to update their payment systems to meet digital age demands. 🔑 Payment Orchestration is the key to streamlining payment systems and moving beyond traditional, restrictive methods. Our latest article explores how this innovative solution enables seamless integration with multiple payment service providers (PSPs), accommodating diverse payment methods like digital wallets, bank transfers, and BNPL services. 🌍 With the global payment gateway market projected to reach $64.5 billion by 2027, the need for scalable and efficient payment infrastructure is more crucial than ever. Read the full article and future-proof your payment strategy. #PaymentOrchestration #Fintech #DigitalPayments https://lnkd.in/esMc-FMZ

Congratulations CardGuru! CardGuru, an AI-assisted credit card recommendation engine, that lets consumers find the most suitable credit cards and rewards programs based on their spending profile, won the #MegaEvent2024’s Lion's Den pitch competition in Calgary, Canada last month. A user can apply for a recommended credit card directly through the app, as there is an option to use a direct link to the issuer’s application page. The user may be asked to provide details such as their monthly spending across different spending categories (e.g., groceries, dining, #travel, gas), preferred types of rewards (e.g., cashback, points, miles), and any specific benefits they are looking for (e.g., travel insurance, no foreign transaction fees). Post this CardGuru’s AI #algorithms cross references this input with their credit card database and machine learning model. Finally, the interface displays recommended cards tailored to the user’s financial needs. The user can look at the options, and choose to apply for a card, according to the company. The company has initially forayed into the Canadian credit card market. The plan is to enter US, Australia, and other countries in the future. Elvin Limpin Michael Ocenar By Ritesh Gupta, Ai Events Christopher Staab David Feldman Patrick Sojka Sanjeev Kumar Samuel Williams #creditcards #rewards #airlines #miles #cobrand #loyalty

What does a hyper-personalised, transparent and fully customer-centric loyalty programme look like? To answer that question, look no further than EuroBonus from SAS - Scandinavian Airlines. It's the most successful loyalty programme in Scandinavia, with over 8 million members. In their fireside chat at Nordic Fintech Summit 2024, Sarah Häger of Enable Banking spoke to Madeleine Svantesson, Head of Partners at EuroBonus. In the discussion, she explains how EuroBonus built one of the most loyal followings in the Nordics. She also shares some exciting insights into what the future of EuroBonus looks like You likely won't be surprised to learn that Open Banking will play a big role. It's helping EuroBonus drive highly engaging experiences, tailor rewards to the unique behaviour of customers and, in the words of Madelaine, opening up the "world of opportunity" that comes from seeing complete share of wallet data. Watch the full case study on our blog. Link in the comments 👇 Special thansk to Helsinki Fintech Farm #OpenBanking #APIs #EnableBanking #NordicFintechWeek

Time to look at payment as a “revenue enabler”  #ATPSB2B2024 It is interesting to assess how #payments as a discipline is coming along in #travel e-commerce. How to support liquidity, mitigate risk and improve the experience of a traveller when it comes to payments? These facets are on top of the agenda of #airlines and often discussed at Ai Events’ conferences.   It is time to view “payment as a revenue enabler,” according to Nium’s Spencer Hanlon. Are airlines and travel suppliers ready to look at payment as an opportunity - look at P&L target, revenue target, not just as a cost? When airlines were asked to elaborate on issues that they are facing today, one of them tends to be a delay in receiving payments, more specifically based on their terms with acquirers and how the same can be improved for relatively “smaller-sized” airlines. It is being highlighted that on the operational side, a number of stakeholders that airlines are associated with for payments result in “extra reconciliation work for finance teams alongside the burden of transaction costs”. In this context, as also indicated by McKinsey & Company in one of its reports, "many airlines do not strategically monitor payment and transaction data, and there is an absence of defined roles or KPIs in the area". So airlines must continue to delve into facets that can not only help them in reducing the cost, but how all of this can prepare them better for improving the bottom line. So how can airlines improve upon their B2B payments-related aspects? Ai Events has launched its website for the Airline & Travel Payments Summit (ATPS) B2B in London (24-25 September): https://lnkd.in/giFi4_GV By Ritesh Gupta, Ai Events Christopher Staab Yang Li Ahmed Bennis Damien Cramer Chiara Quaia Jamie Fu Jonathon Gould Sandeep Mander UATP Visa Mastercard Outpayce from Amadeus Discover Financial Services TreviPay WEX Worldpay FIS Nuvei #travelpayments #travelagents

What to expect when it comes to interoperability in digital payments? This is important for merchants like #airlines as they need to embrace a cross-border infrastructure that can pave the way for streamlined #payments. There are systems in place that facilitate different types of transfers, such as credit card transactions, bank-to-bank transfers etc. For this to work, the set up requires information exchange both within and across these different systems. As for how payment interoperability works, it does its job silently in the background, enabling a link between travel shoppers and businesses, irrespective of their preferred method of paying or being paid. Technically, interoperability means streamlining payment transactions between distinctive applications and infrastructure to enable a simplified processing. So one uses a credit card or a mobile wallet, a message is generated that features requisite details for transfer of funds and further systems receive this for a settlement. This is streamlined with interoperability. Even on the B2B side, an interoperable set up for payments helps entities receive their funds quicker, as these payments can be processed on the day they are initiated. A player like Visa acknowledges that the challenge with interoperability is – explosion of networks and payment methods plus each solution working within its own, siloed ecosystem. The company predicts that the industry can expect greater “collaboration across the payments ecosystem — amongst banks, FIs, merchants, technology providers/enablers and issuers — bringing us greater global financial inclusion, accessibility, cross-system compatibility and interoperability” in 2024. By Ritesh Gupta, Ai Events Christopher Staab Laurie Gablehouse Worldline Nium Nuvei Worldpay FIS Visa Discover Financial Services Mastercard Outpayce from Amadeus #ATPS2024 PagoNxt (a Santander company) #travelpayments #airlines #travel

At AirPlus International, we believe that modern #payment solutions are crucial for enabling a smart and simple payment experience. During large events like the European Championship, where the volume of transactions is significantly higher, the ease of using digital payments is vital. Here’s why: International and universal: Cards are widely accepted across the globe and are not tied up to a specific location, making them the ideal payment method for both travelers and locals. Convenience: Card payments eliminate the need for carrying cash, providing a safer and more convenient option. Efficiency: With faster transaction times, card payments can help reduce queues, allowing fans to spend more time enjoying the event rather than waiting to pay. Insights: Card transactions provide valuable #data that can help businesses better understand consumer behavior and preferences, leading to improved services and products. As we move towards an increasingly #digital world, the integration of modern payment solutions is not just a luxury but a necessity for major international events. #EURO2024 #corporatepayment