Global travel payments orchestration platform, FinMont and PRECISION, a risk management solution part of the Etraveli Group, have partnered to tackle payment fraud within the travel sector.
According to an MRC report, payment fraud costs airlines 3.1% of its annual global e-commerce revenue, underscoring the urgent need for advanced, tailored payment solutions in the travel industry.
This collaboration will integrate PRECISION’s fraud prevention technology into FinMont’s platform, creating a next-generation payment ecosystem tailored to travel payments.
Suby Valluri, CEO of FinMont, said: "Our partnership with PRECISION represents an exciting leap forward in our mission to simplify and optimise payment processes for the travel industry.
"Together, we will empower travel merchants to overcome the challenges of traditional payment systems, ensuring they stay competitive and efficient."
Peny Rizou, chief fintech officer of Etraveli Group, added: "We are thrilled to partner with FinMont to bring our pioneering fraud prevention solution to more travel merchants worldwide.
"This collaboration reflects our shared vision of advancing payment security and efficiency for travel businesses while ensuring a seamless and reliable payment experience.”
