Payment speed, efficiency and acceptance are some of the biggest factors travel agents look for when looking to implement new payment methods. Ticking all the boxes with its new partnership with Air France and KLM, Nium is upgrading its service to provide an alternative to travel agent card transactions.
Nium, the real-time global payments firm, will provide travel agents with a private network of trusted UATP authorisation rails and bank transfers to offer lower costs, simplified reconciliation, and faster settlement through its Nium Airline Payments Solution (NAP).
NAP eliminates intermediaries from the payment flow, giving Air France and KLM the flexibility to provide a new payment method for selected travel agent partners. Using NAP, Nium guarantees payment acceptance and reduces settlement time from hours down to minutes and seconds.
NAP offers a payment acceptance process to the benefit of airlines and travel agents alike. It boosts conversion rates, improves operational efficiencies, and increases margins. The airline and travel agent enter into a bilateral agreement, facilitated by Nium, on the use of the platform. This creates a one-to-one ‘closed loop’ transparent commercial relationship between the travel agent and airline.
Speeding up lengthy processes
“For decades, the travel industry has been grappling with complex, slow, and expensive payment methods. Nium is helping travel agents and their airline and hotel partners unlock the potential of global real-time payments, transforming the way money moves through the travel ecosystem for the better,” said Spencer Hanlon, global head of travel payments at Nium.
“We look forward to helping Air France and KLM resolve some of the inequities – for both the airlines and for the travel-selling intermediaries – associated with outdated traditional payment models.”
“We built NAP with the goal of creating a more equitable and sustainable model between airlines and their agent partners around the world. For airlines, payments are no longer the necessary cost of doing business. They are a determining factor in distribution discussions, increasing control and collaboration within the indirect sales channel. It’s great to welcome Air France and KLM to the NAP family and we look forward to bringing the solution to its travel agent network together,” added John Taylor, head of airline payments at Nium.
The collaboration will see NAP rolled out to Air France and KLM’s travel agent network across Europe, starting in Italy with more markets to be added in future.