Ixaris and Banking Circle tackle cross-border travel payments
Ixaris has announced a partnership with Banking Circle, connecting the latter’s Virtual IBAN (International Bank Account Number) technology to Ixaris’ payment products. The two companies say that the resulting payments solution streamlines payments and tapping additional revenue sources.
Traditionally, seamless cross border B2B payments required companies to have a physical footprint and open a physical bank account in the territories they wanted to operate in. Launched in 2017, Banking Circle’s Virtual IBAN allows businesses to send and receive payments anywhere in the world at a low cost and in real-time, eliminating the reliance on multiple banking relationships in different territories. This technology, combined with Ixaris’ ability to optimise every payment, is designed to result in more efficient global payments handling for the travel industry that can generate revenue and, ultimately, profitability.
The cost and administration of payments squeeze profit margins for travel companies. This is exacerbated when payments are made across borders; international transactions incur higher bank charges, poorer FX rates, payment delays and huge amounts of administration. Ixaris looks to ease that squeeze, turning payments in to a fully optimised revenue stream for over 200 customers in 50 countries and boosting margins by up to 20% for the world’s largest travel brands to independent travel agencies.