Award-winning payments optimisation company Ixaris today announces a new partnership with financial service infrastructure experts Banking Circle, connecting the latter’s Virtual IBAN (International Bank Account Number) technology to Ixaris’ payment products. The resulting payments solution is the travel industry’s most comprehensive, streamlining payments and tapping new revenue sources in ways previously thought impossible.
Traditionally, seamless cross border B2B payments required companies to have a physical footprint and open a physical bank account in the territories they wanted to operate in. Launched in 2017, Banking Circle’s Virtual IBAN allows businesses to send and receive payments anywhere in the world at a low cost and in real-time, eliminating the reliance on multiple banking relationships in different territories. Banking Circle’s Virtual IBAN technology, combined with Ixaris’ ability to optimise every payment, will result in more efficient global payments handling for the travel industry that can generate revenue and, ultimately, profitability.
The cost and administration of payments, squeeze profit margins for travel companies. This is exacerbated when payments are made across borders; international transactions incur higher bank charges, poorer FX rates, payment delays and huge amounts of administration. Today, payment experts Ixaris ease that squeeze, transforming payments from a profit-draining necessity to a fully optimised revenue stream for over 200 customers in 50 countries and boosting margins by up to 20% for the world’s largest travel brands to independent travel agencies.
Ixaris’ Chief Executive Officer, Aran Brown comments: “Our partnership with Banking Circle allows Ixaris to offer an even more competitive edge to our travel customers, not only by optimising payments but by creating a seamless cross border transaction process across more than 25 currencies in 60 countries in a way that banks simply would not allow,” he adds “Ixaris’ ability to optimise travel payments is now second to none.”
Anders la Cour, Chief Executive Officer at Banking Circle, adds: “Banking Circle Virtual IBAN plays an invaluable role in delivering faster, cheaper payments to merchants transacting around the globe. Unlike traditional business to business cross border payments, which can incur high bank charges and payment delays, our innovative and multi-award-winning solution enables Ixaris to give customers their own virtual IBAN’s. This improves payments acceptance, settlement times and reconciliation without the burden of multiple banking relationships, high fees and slow transfer times.”