Global fintech company Conferma provides virtual payment option to travel technology providers DerbySoft
Conferma, a global FinTech company specialising in virtual card technology today announces its partnership with DerbySoft. The partnership will expand payment options available to the world’s global hotel companies, offering a fully integrated virtual payment solution into their accepted payment methods.
Multi-channel travel commerce has enabled hotels to reach more customers. Although this has contributed to an estimated annual growth of online travel sales at 12%[1], it also means that payments come to hotels from multiple sources, which can be difficult to match against bookings. DerbySoft has provided solutions to global hotel companies to address these complexities, but standard payment options continued to pose a number of issues for hotels and their customers. With high credit limits and multiple bookings to reconcile against one card number, these methods expose clients to risks of fraud and revenue loss through unmatched transactions and lost productivity.
DerbySoft will integrate Conferma-powered virtual payment services with its existing technology. The integration will enhance the agile nature of DerbySoft’s global service offering with virtual card payments in 40 currencies across multiple banks in 193 countries. DerbySoft’s customers can now benefit from virtual payment that offers the distributor a host of controls that help them pay more efficiently while reducing the risk of fraud. Providing virtual cards across multiple distribution channels, this complete solution allows for the generation of prefunded credit and debit-based virtual cards within the demand-side workspace without any changes to the normal booking workflow.
Simon Barker, CEO of Conferma said, “Complex, multiple-merchant accommodation bookings have led to a confusing landscape of payments to hotels from a variety of sources, but virtual card payments offer a streamlined method of payment that is automatically reconciled against individual bookings. We are pleased to work in collaboration with DerbySoft to eliminate these complexities and make it easier for hotels and travel agents to increase their payment security and maximise potential revenue.”
Rachel Neal, VP of Connectivity for DerbySoft, remarked that, “We want to offer more flexibility and better payment security within a seamless payment process for booking accommodations channels. Flexible connectivity is fundamental to our vision, and the flexibility provided by Conferma-powered virtual cards will ensure continuity of payment and reconciliation services for our customers, regardless of the booking method used.”
These travel technology partners plan to continue collaborating to further reduce both inefficiencies and risk within the procurement process.
[1] OTA Industry Report 2016