BARCELONA - Voxel, a leading e-invoicing and B2B payments company in the travel industry, will present the latest developments in B2B payments in the sector at the World Travel Market in London.
Xavier Ginesta, Chairman at Voxel, will present the paper "baVel Pay. The B2B payments revolution" on the Travel Forward Stage. This presentation will share Voxel's vision of the radical evolutionary leap that B2B payments will undergo in the travel industry in the coming years and will present, for the first time after the recent acquisition of Troovo, the new functionalities and features of the baVel Pay platform. In particular, the paradigm shift that the introduction of the Payment Manager and the adoption of the Open Payment Alliance standard will bring in terms of innovation, digitisation and automation of B2B payment processes in the sector will be analysed.
B2B payments in the international travel sector
Over the last decades, distribution in the travel sector has grown exponentially, giving rise to the emergence of new players and intermediaries. This growth has been made possible mainly thanks to three key technologies: the internet, VCCs and Channel Managers.
However, the management and distribution of B2B payments has not evolved at the same pace and the process for managing them has become increasingly complex, inefficient and a source of errors and losses for companies in the sector.
Following the recent acquisition of Troovo by Voxel, baVel Pay has added new and innovative functionalities and features. baVel Pay is now able to automatically orchestrate highly sophisticated end-to-end B2B payment flows, from retrieving the booking from a GDS or Channel Manager, choosing and generating the optimal payment method for that booking and taking out exchange rate insurance that mitigate exposure from exchange rate fluctuations; to distributing the payment directly to the hotel, obtaining and reconciling the electronic invoice, settling the payment and finally sending a reconciliation report to both the payer and the payee. Fully digital end-to-end business process execution without any manual intervention and therefore frictionless.
The baVel Pay service is articulated through the first Payment Manager in the market that implements the Open Payment Alliance standards defined by HEDNA and HTNG.
Commitment to innovation and digitalisation
For the first time, and coinciding with the first face-to-face edition of the WTM after the pandemic, Voxel will also participate in the event with a booth (TT738). Located in the Travel Forward, the event dedicated to technology and innovation within the World Travel Market, Voxel's proposal will focus on boosting innovation in the field of B2B payments in the travel industry and contributing to the recovery of the travel sector through digitisation and automation of back-office processes.