Payment orchestration platform FinMont has augmented travel payments by using an advanced AI solution to determine the optimal payment route and method. FinMont has incorporated the advanced AI solution into its complete payment ecosystem that connects acquiring banks, payment, fraud, forex, and chargeback providers and integrates with ERP/CRM systems and other travel-specific distribution channels.

The challenge in travel payments Every year nearly 3 billion airline payment transactions take place around the globe with a total value of USD 937 billion. According to a whitepaper from Edgar, Dunn & Company, although these payments represent huge value to the travel industry, they cost the airline industry USD 20.3 billion a year. This amounts to 2.2% of the total payment amount but more importantly 78% of the industry’s net profit.

An innovative omnichannel solution for travel payments Officials from FinMont said that having worked in both the payment and travel industry for many years, they have seen first-hand the problems and risks that the industry faces due to limited and outdated payment solutions. It was the magnitude of this problem that led to FinMont as a concept. With advancements in AI, real-time pricing and other tech solutions, the travel industry needs to offer customers a seamless payment experience to remain aligned with other industries, which led to FinMont developing an end-to-end omnichannel travel payment management platform to offer the travel industry a comprehensive payment solution.

The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. FinMont’ global payment orchestration platform is built specifically for travel merchants and uses cloud-native technologies to integrate acquiring banks, payment, fraud, forex, and chargeback providers and offer a fully automated and seamless payment solution, added company officials.

They are utilising tech solutions including AI to offer airlines and other travel merchants an advanced platform to help improve the retail customer payment experience and reduce payment dropouts. .