The product is tailored for online travel agencies (OTAs) and intermediaries within the travel industry. This new offering aims to optimize operational processes, improve reconciliation procedures, and capitalize on margin enhancement opportunities within the sector.
Addressing the fragmented and outdated nature of traditional payment infrastructures prevalent in the travel industry, Modulr’s solution seeks to streamline processes currently burdened by reliance on multiple vendors and manual procedures. According to the International Air Transport Association (IATA), 41% of travel firms identify payment inefficiencies as a significant concern.
The platform now presents a range of currency options and features such as virtual cards, account-to-account transfers, and customizable notifications with comprehensive reporting capabilities. Accessible through a single API integration and a dedicated online portal tailored for travel agents, the platform facilitates access to fixed interchange rates provided by both VISA and Mastercard, enabling customized arrangements with suppliers.
Product features
Modulr’s virtual cards offer enhanced transaction transparency, flexibility, and security through authorization controls. Myles Stephenson, CEO and founder of Modulr, emphasized the platform’s objective to address the payment challenges faced by the travel industry by integrating virtual card programs with advanced payment and account issuance capabilities.
Utilising methods including Open Banking, Direct Debit, Faster Payments, Bacs, Chaps, SEPA, and SWIFT, alongside virtual cards, collections, disbursement, and supplier payments functionalities through a unified API and portal, Modulr aims to empower travel companies to navigate financial complexities and plan strategically for the future.