Voxel Group, e-invoicing and payments leaders in the travel industry, have partnered with Kantox, a leader in foreign exchange (FX) management solutions for businesses, to enhance the B2B payment ecosystem in the travel industry. With this partnership, Kantox now forms part of Voxel Group’s baVel platform and is also the only company on the platform to offer FX risk management services.
The baVel platform currently has more than a dozen companies providing payment-related services. From now, any travel company that processes payments through baVel will also be able to access Kantox’s currency management solutions without leaving the platform, resulting in a frictionless user experience. Through baVel, travel companies are able to choose the payment method that best suits them for each transaction, thereby benefiting from reduced costs and an instant connection to the different payment providers.
Kantox has been working with travel companies for eight years and has built a range of solutions adapted to the specific needs of the industry. Efficient currency management has become a strategic element for many travel companies, allowing them to boost their profitability and increase competitiveness while keeping their FX risk under control.
For Xavier Ginesta, President of Voxel Group, “This partnership with Kantox has strengthened our commitment to enhancing payment flows between businesses in the travel industry. Our goal is to achieve a more efficient payment process for all parties, while offering the best payment providers to all baVel customers.”
Ginesta adds that “Travel companies work with many different foreign currencies at the same time and Kantox’s currency management solutions will help to improve our customers’ profitability.”
Antonio Rami, COO and co-founder of Kantox, further adds that “Kantox is pleased to partner with travel industry leaders, Voxel Group, to deliver a highly unique product that provides tangible benefits to companies in the travel sector. Thanks to the integration of our solutions, baVel clients can now automate the execution of their payments and FX risk management strategy in a more efficient way. We look forward to a long and successful partnership.”
The future of B2B payments in the tourism industry
Historically, B2B payments have been one of the main sources of inefficiencies for travel companies and Voxel Group has been working on a specific payment channel for the travel industry for years. With its strong understanding of the needs of the industry and more than 20 years’ experience, Voxel Group is leading the Open Payment Alliance (OPA) together with the Hotel Electronic Distribution Network Association (HEDNA), in collaboration with the Hospitality Technology Next Generation (HTNG).
The OPA is an initiative specially designed for the travel sector that aims to create a differentiated and decoupled B2B payment channel from the distribution channel. To do this, Voxel has developed Payment Manager – the equivalent to the Channel Manager in the payment process – and works with different payment providers, such as Kantox. This way customers have not just an efficient and error-free workflow, but also a wide range of payment providers to choose from, based on the needs of each transaction.