Partnership aims to help firms streamline B2B payments, reduce errors and drive efficiencies
Travel Ledger boosts rollout of travel settlement network with Nium deal
Travel Ledger has expanded its global reach having struck a deal to integrate payments solutions provided by finance technology specialist Nium.
The global settlement network for travel will integrate the Nium single platform for payments and card issuing.
Nium provides banks, fintechs, payment providers, and businesses of any size the ability to disburse and collect funds instantly across borders.
The Travel Ledger network was developed to simplify time-consuming processes of B2B invoicing and settlement.
It allows travel companies to use a single data format and platform to exchange financial information so users do not have to cope with different formats.
Following data exchange and reconciliation between the parties, Travel Ledger will automatically create payment instructions for funds movements between parties on the Nium platform, eliminating errors, speeding up processing and ultimately reducing costs.
Roberto Da Re, Travel Ledger chief executive, said: "Foreign exchange, local settlement, and instant 'on the platform' fund's transfer are some of the key features that our partnership with Nium brings to the table.
“We expect this partnership to not only simplify the remittance process but also lead to cost reductions compared to traditional banking services, making it a win-win for our customers worldwide.
"Partnering with Nium is a significant step towards achieving our mission of simplifying the remittance process for the travel industry. We are confident this partnership will bring tremendous value to travel businesses worldwide."
Spencer Hanlon, global head of travel payments and head of Europe at Nium, added: “Our partnership with Travel Ledger showcases how our solutions can provide faster, and more cost-effective money movement alternatives that helps global businesses scale and increase their top line revenues.”