Travel Ledger Integrates Revolut to Facilitate Travel Industry B2B Payments
Travel Ledger now enables travel businesses in the United Kingdom and Europe to use Revolut’s banking services to automatically settle B2B payments with partners directly through the Travel Ledger platform.
The capability comes from a new integration of Travel Ledger’s industry-specific B2B billing and settlement capabilities with Revolut Business accounts, Travel Ledger said in a Wednesday (Jan. 29) press release.
“We’ve listened to requests from [small- to medium-sized businesses (SMBs)] seeking a banking solution that consolidates their financial needs while still benefiting from the automation that Travel Ledger provides,” Travel Ledger CEO Roberto Da Re said in the release. “This is a significant step toward our vision of making Travel Ledger an integral tool within the business banking ecosystem of the travel industry.”
The Travel Ledger platform automates accounts receivable (AR) and accounts payable (AP) processes for travel companies worldwide, according to the release.
With the new API integration, the company’s customers can use their Revolut Business accounts to collect payments, access merchant services, conduct foreign exchange and perform other business banking activities, while settling with suppliers via Travel Ledger, per the release.
“This eliminates the need to fund and monitor separate accounts, simplifying workflows for travel companies,” the release said.
While B2B payments between merchants and service providers are a fundamental part of the travel and tourism sectors, the management and execution of these payments can be complex, according to the PYMNTS Intelligence report “Smart Receivables Playbook: Rethinking Payments Processing After the Pandemic.”
The report found that 20% of travel and tourism businesses said B2B payouts are a very or extremely significant pain point, and another 43% said they are a somewhat significant pain point.
In another development in this space, Visa and spend management solution provider Qashio said Jan. 6 that they partnered to launch a B2B travel payments solution in the United Arab Emirates, the Middle East and North Africa (MENA) region, Europe and the U.K.
In November, Worldpay teamed up with Mastercard to provide virtual cards for travel agents, saying the new offering will help travel agents who sell travel bookings directly to end consumers manage payments to airlines, hoteliers and other travel service providers.
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