Modulr unveils all-in-one payments solution tailored to travel industry

Modulr unveils all-in-one payments solution tailored to travel industry

Platform has a host of solutions built in

Embedded payments platform Modulr has unveiled the launch of its travel payments solution, specifically designed to address the needs of OTAs and travel industry intermediaries. 

The new offering is said to enhance operational efficiency, streamline reconciliation and cash flow processes, and unlock margin improvement opportunities within the sector. 

The traditional payment infrastructure in the travel industry is often fragmented and outdated, relying on multiple vendors and creating cumbersome manual processes. 

IATA reported that 41% of travel firms still place payment inefficiencies as their biggest concern.

The platform now provides a suite of solutions in a range of currencies that includes virtual cards, account-to-account transfers and customisable notifications, with detailed reporting.

It is accessible through a single API integration and an online portal tailored for travel agents. 

It provides access to fixed interchange rates available with both VISA and Mastercard, allowing for customised arrangements with suppliers. 

Its virtual cards are enhanced with authorisation controls so every transaction is transparent, flexible, and secure. 

Myles Stephenson, CEO and founder of Modulr, said: “Our goal is to alleviate the payment challenges experienced by the travel industry, bringing together our comprehensive suite of virtual card programs with our leading-edge payment and account issuance capability, delivering an all-in-one solution for the travel industry." 

Encompassing methods like Open Banking, Direct Debit, Faster Payments, Bacs, Chaps, SEPA, and SWIFT alongside virtual cards, collections, disbursement and supplier payments functionality through one API and portal, Modulr hopes this technology "empowers travel companies to navigate financial complexities with confidence and strategically plan for the future".