Intelligent Fin.tech Issue 22 | Page 9

NEWS

Airwallex research reveals 66 % of global travel companies see their fragile margins eroded by inefficient payment systems

New research has revealed 66 % of travel companies are seeing their profit margins impacted by outdated or complicated payment systems , with nine in 10 expected to prioritise modernising their financial operations this year .

In a report released by leading global payments and financial platform , Airwallex , and travel research company , Skift , the travel industry is also being challenged by shifting payment preferences since the COVID-19 pandemic . While revenue from cross-border payments is on the rise , the unprecedented diversity of payment methods in different markets complicates transactions for 70 % of travel companies . border payments to surpass customer expectations at every touchpoint . However , our latest study shows that slow and outdated payment processes are increasing the cost of moving money internationally , which is eating into their profits – modest at the best of times .
“ Modernising their financial operations with a unified and scalable payment solution will be critical to reducing the cost and friction associated with managing cross-border transactions . For smaller players , this can be what levels the playing field , enabling them to compete with larger , more established counterparts .”

Payset partners with ClearBank

Commenting on the research findings Jack Zhang , Co-founder and CEO at Airwallex , said : “ As global travel continues to boom , travel companies increasingly rely on quick and seamless crossinstitutions , to allow it to access the UK payment system for both local and cross-border transactions .
The partnership with ClearBank allows Payset to offer improved business and individual accounts to clients in all of its supported jurisdictions . Payset clients will now have a Payset UK bank account and sort code , have the ability to clear payments through UK schemes and make virtual account payments in multiple currencies .
Payset will also now be able to offer instant FX services , improving its clients ’ currency exchange service .

Payset , an online payments platform that provides a diverse suite of payment solutions for both individuals and companies , has partnered with ClearBank , the enabler of real-time clearing and embedded banking for financial

John Salter , Chief Customer Officer , ClearBank , said : “ We ’ re delighted to welcome Payset to ClearBank . Payset has built an impressive team and a first-class technology stack to support its expansive client list . With Payset ’ s own bank code , they will be able to offer their clients GBP payments and clearing services as well as instant FX and MCCY payments from ClearBank . We aim to support Payset to expand into new markets and client verticals as well as growing their EU business .” www . intelligentfin . tech
9