Travel payments optimisation specialist Ixaris has agreed a partnership with financial service infrastructure experts Banking Circle.
The deal will see Banking Circle’s Virtual IBAN (International Bank Account Number) technology connected to Ixaris’ payment products.
Ixaris claimed the resulting payments solution will be the travel industry’s “most comprehensive, streamlining payments and tapping new revenue sources in ways previously thought impossible”.
Traditionally, cross-border B2B payments required companies to have a physical footprint and open a 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.
Ixaris said Banking Circle’s Virtual IBAN technology and its optimisation expertise will result in more efficient and profitable global payments handling for the travel industry.
Ixaris’ chief executive Aran Brown said: “Our partnership with Banking Circle allows Ixaris to offer an even more competitive edge to our travel customers, not only by optimising payments but by creating a seamless cross border transaction process across more than 25 currencies in 60 countries in a way that banks simply would not allow. Ixaris’ ability to optimise travel payments is now second to none.”
Anders la Cour, chief executive of Banking Circle, added: “Banking Circle Virtual IBAN plays an invaluable role in delivering faster, cheaper payments to merchants transacting around the globe.
“Unlike traditional business to business cross border payments, which can incur high bank charges and payment delays, our innovative and multi-award-winning solution enables Ixaris to give customers their own virtual IBAN’s.
“This improves payments acceptance, settlement times and reconciliation without the burden of multiple banking relationships, high fees and slow transfer times.”