Travel technology player Paxport and API platform Modulr have joined up to provide a new payment solution for online travel agencies and tour operators.
Called Pax2Pay, Paxport said it can offer customers multiple payment methods and currencies, including virtual cards, Faster Payments and SEPA, with more payment methods to be added soon.
Pax2Pay is also intended to help reduce administrative costs for online agencies and tour operators by centralising reconciliation, reducing the complexity of manually moving payments back and forth between multiple payment service providers.
“Payments should be simple – they’re the lifeblood of any business,” said Tony Barker, CEO at Paxport. “Each year we process over £300m of travel commerce transactions and it’s important we remain at the forefront of faster, easier and more reliable payments by partnering with a Financial Conduct Authority-regulated payments provider that is innovating on the back of recent regulatory changes, such as PSD2. The travel industry is extremely competitive, and we have to ensure we’re constantly improving the level of service to our global clients.”
He praised Modulr as unburdened by legacy systems, and said that integrating its API into the Paxport search and booking software will enable it to provide an experience that is flexible, easy to manage, and saves significant expenditure.
“The world-travel industry generates $1.4 trillion in revenue annually,” added Myles Stephenson, CEO at Modulr. “However, the movement of money between the different travel companies is far from smooth. Airlines, hotels and OTAs are having to juggle multiple payment service providers – making reconciliation time consuming and cumbersome.”

by Guy Matthews