As the airline industry works to bring consumers back on board, it is challenged with protecting passengers, brand and revenue.
In order to streamline takeoff, Visa’s (NYSE: V) international payment and fraud management platform, Cybersource, confirmed that it has joined the International Air Transport Association (IATA) Financial Gateway in order to assist airlines with improving commerce and payment efficiencies, effectively manage fraud, optimize revenue and innovate at a rapid pace.
As part of IATA’s Financial Gateway (IFG), Cybersource’s capabilities are currently available as a pre-integrated, secured digital acceptance tool to IATA’s 290+ airline members, according to a release.
The partnership allows airlines to provision the complete suite of Cybersource products on IFG, thus helping to remove the requirement for several different products from various brands, saving considerable costs and cutting down on operational delays.
Plugging into Cybersource’s platform may save airlines time when expanding into new areas, implementing new payment methods, or establishing additional sales channels. Together with IFG, Cybersource products “seamlessly work together to help airlines deliver an enhanced, unified omni-channel orchestration experience to meet consumer demands,” the announcement noted.
A trusted partner for 70+ airlines, including 28 of the top 50 international airlines, Cybersource’s tech platform provides a comprehensive portfolio of online and in-person services that enhance and automate payments, including:
- Payment gateway services for the acceptance of online, in-person, and call center payments in over 190 countries and territories
- Decision Manager, a leading fraud management tool to help minimize fraud loss and maximize revenue
- Tokenization and more payment security tools, such as Payer Authentication, to secure sensitive payment data and ensure rules are compliant
- Pre-integration into the largest global travel reservation and distribution systems
Amid a challenging year for the airline industry, Cybersource is assisting airlines across the globe with addressing key challenges brought on by the COVID-19 pandemic with leading products and value-added services.
Cybersource partnered with Aeromexico in order to assess their efficiencies and identify threats and opportunities for their digital offerings.
The Cybersource consultancy team, an added benefit to all Cybersource customers, was able to “assess Aeromexico’s digital ecosystem, evaluate multiple customer journeys and recommend an e-commerce booking experience to further deepen loyalty and increase conversion rates, including payment and acceptance requirements in key sales markets,” the update noted.
Fernando Souza, VP of Cybersource, a Visa solution, stated:
“While Cybersource has long been a trusted partner of top airlines across the world, we are thrilled to join IFG to offer our full suite of payment tools to airlines. As travel rebounds, airlines need to support domestic and cross-border travel, while containing costs and mitigating fraud. Cybersource’s platform provides tools and resources to ensure airlines can provide a smooth and secure experience for customers, while maintaining profitability.”
Muhammad Albakri, IATA’s SVP, Financial Settlement and Distribution Services, remarked:
“IFG enables increased travel payment processing flexibility for the world’s airlines and travel suppliers to build a cost-efficient payment strategy that will help facilitate the industry’s recovery. We are happy to welcome Cybersource and its suite of products to simplify and optimize payments to support the IFG user community.”