Leading European travel technology giant Amadeus has developed a foreign exchange conversion tool to help clients display prices in local currencies.
The development is a first in Amadeus’ suite of new foreign exchange (FX) services called FX Box.
Amadeus said the module will improve the shopping experience for customers, travel firms, agencies and airlines.
The firm said it will give firms greater control over e-commerce currency conversion that is usually handled by third party payment companies.
Amadeus said: “By re-engineering the way payments are presented and managed from authorisation to settlement, FX Box can help to empower travel suppliers to internalise the proceeds of a cross-currency payment.
“The potential for savings can be significant and could represent incremental revenue of up to several percentage points on multi-currency transactions.
“FX Box provides travel firms with real-time access to best-in-class FX rates for more than 170 currencies.”
Amadeus is working to add more foreign exchange providers so that travel companies can select their preferred partner, with Citibank being the first available on the platform.
Bart Tompkins, head of payments at Amadeus, said: “With FX Box, travel companies can select the FX model that’s right for them and their travellers whilst benefiting far more directly.
“We’re pleased to welcome global leader Citibank as the first key banking partner that travel agents, airlines, and hotels can choose to work with as part of our FX Box suite of services.”
FX Box is integrated into Amadeus’ Xchange Payment Platform which brings together foreign exchange and travel data into one platform.
The platform seeks to simplify revenue accounting, reconciliation and reporting activities.
Flavio Figueiredo, global head rates and currencies corporate sales at Citibank, said: “Being able to simplify local currency pricing solutions in the aviation sector has always been a key gap in the industry.
“Citi is therefore proud to be a partner to the FX Box solution with Amadeus, a recognized global leader in the travel technology space.”
Munawar Noorani, global co-head of aviation at Citibank, added: “Our partnership with Amadeus on FX Box is a natural given Citi’s global relationships in the aviation and tourism sectors.
“A platform that improves customer experience and brings efficiencies, less complexity, time and cost savings to travel companies is always welcome; it is particularly so in these times.”