A few weeks ago Xavier Ginesta, Chairman at Voxel, participated in the digital event “ATPS Payouts & B2B Payments Update. Effectively managing payouts & B2B payments” organized by AI Connect. The event focused on B2B payments in the travel industry and the problems that companies have had to face in the midst of the pandemic.
The conference aimed to shed light on an unprecedented situation: the risk of non-payment. The complicated payment flows between different actors in the sector combined with the uncertainty caused by Covid-19 generated, a year ago, uncomfortable realities, uncertainties and risks. The risk of non-payment increased and the insurers, who until then had guaranteed these transactions, began to withdraw a large part of the credit.
In his online session, Ginesta presented the Open Payment Alliance‘s proposal to solve many of the inefficiencies and risks that currently exist in the travel industry regarding the payment channel.
You can read the main conclusions of Xavier Ginesta’s talk in the following AI Connect article.
A B2B payment standard for the industry
The Open Payment Alliance (OPA) is an initiative driven by HEDNA and HTNG with the collaboration of Voxel. The OPA’s proposal is to create a new standard for B2B payments in the travel industry that addresses current inefficiencies. Through the Payment Manager, the OPA is able to create a payment flow differentiated from the booking flow, enabling the execution of the different agreements (payment dates, conditions, payment method, etc.). The OPA also contributes to rebuilding trust between players thanks to the traceability, automation and optimization of all payment-related processes.
Currently, more than 20 companies in the sector are already adopting the payment standard proposed by the OPA through Voxel’s Early Adopters Program, in collaboration with Mastercard.
If your company wants to start operating with the new industry payment standard, contact us and we will inform you.