Nium, a global leader in cross-border money movement, and Travel Ledger, a global B2B settlement network for the travel industry, have announced a strategic agreement to bring innovative payments solutions to travel businesses worldwide.
Nium’s single platform for global payments and card issuing provides banks, fintechs, payment providers, and businesses of any size the ability to disburse and collect funds instantly across borders. Leveraging Nium’s global payment network, the partnership expands Travel Ledger market reach to the whole of the UK, Europe, US, and beyond.
On the other hand, Travel Ledger simplifies the time-consuming processes of B2B invoicing and settlement by facilitating Travel companies to use a single data format and platform to exchange financial information rather than everyone using different formats.
Following data exchange and reconciliation between the parties, Travel Ledger automatically creates payment instructions for funds movements amongst the parties on the Nium platform, eliminating errors, speeding up processing and ultimately reducing costs.
With this partnership, Travel Ledger can settle directly and onboard faster companies internationally.
The collaboration between the two companies results in the integration of a variety of banking services on the Travel Ledger platform, providing increased settlement automation using a variety of payment methods. This integration will allow businesses to streamline their payment processes and benefit from reduced Account Receivable and Payable Account costs.
“Foreign exchange, local settlement, and instant ‘on the platform’ fund’s transfer are some of the key features that our partnership with Nium brings to the table; we expect this partnership to not only simplify the remittance process but also lead to cost reductions compared to traditional banking services, making it a win-win for our customers worldwide,” said Roberto Da Re, Travel Ledger CEO.
“Partnering with Nium is a significant step towards achieving our mission of simplifying the remittance process for the travel industry,” added the Travel Ledger CEO. “We are confident this partnership will bring tremendous value to travel businesses worldwide.”
“Our partnership with Travel Ledger showcases how our solutions can provide faster, and more cost-effective money movement alternatives that helps global businesses scale and increase their topline revenues” commented Spencer Hanlon, Global Head of Travel Payments & Head of Europe at Nium.
This partnership is a testament to Nium and Travel Ledger’s commitment to driving innovation and providing businesses with the tools they need to succeed in today’s fast paced digital economy. The companies look forward to helping businesses simplify their payment processes and achieve global goals.