The founders of German airline, Hahn Air have announced the launch of a new global payment orchestration platform, FinMont, specifically for Travel Merchants. The new payment platform uses cloud-native technologies to integrate acquiring banks, payment, fraud, forex, and chargeback providers and offer a fully automated and seamless payment solution. It aims to reduce shopping cart abandonment, increase sales conversion, and ensure clear visibility across the payment flow for all payment transactions.
The PayTech firm is offering the travel industry a significantly different solution compared to other options available as it will streamline not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix any inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from competitors.
In the B2C payments space, many airlines and agents lose customers in the buying process due to only being able to offer limited payment methods. Some have even relied on only one payment provider, which is a high-risk strategy and can have huge consequences, especially if there is any downtime and by having such a limited solution can mean higher fees for payments
With B2B payments, merchants historically have struggled to process supplier payments as they all require unique information such as time of payments, payment methods used or invoicing process. Whether travel merchants are pre-paying suppliers, paying them in multiple currencies, paying them on check-out or on receipt of an invoice, FinMont will streamline and automate the whole process.
The new payment orchestration platform aims to revolutionise payments by connecting multiple banks and providers seamlessly through one simple gateway. It will also improve payment authorisation and conversion rates, reduce payment costs, and remove historic issues such as downtime or reliance on one payment provider. It will also give travel merchants more freedom in choosing their payment partners and accommodate industry-specific payment flows like IATA NDC.
The FinMont ecosystem will not only connect acquiring banks, payment, fraud, forex, and chargeback providers but also integrate with ERP/CRM systems and other travel-specific distribution channels offering a complete payment ecosystem for the travel industry.
Dr Suby Valluri, CEO of FinMont, commented, “Having worked in the travel and payment industry for many years with a software engineering and economics background I have seen first-hand how complex and often archaic payment solutions impact airlines and travel agents. With so many payment methods, banks and card suppliers around the globe managing payments have always been challenging for firms across the travel sector.
“To be able to launch our solution with the founders of Hahn Air, we believe FinMont offers a truly unique and cutting-edge solution for the global travel industry to tackle both B2C and B2B payments.”