Xeni’s XeniPay solution launched recently on the Hedera Mainnet.
XeniPay is designed “to help travel inventory consolidators, service providers, and online travel agencies reduce accounting, reconciliation, and settlement costs for B2B transactions.”
Today, the travel industry is “plagued by a convoluted settlement process for B2B transactions.”
Settling transactions “between travel industry suppliers (such as consolidators, service providers, and travel resellers) is slow, expensive, and unsecure.”
Powered by Hedera, Xeni’s new platform is “set to streamline the settlement process for B2B travel transactions.” XeniPay includes payment onramps “in crypto or fiat, the tracking and storage of transaction information, and settlement offramps into digital wallets or bank accounts.”
Sachin Narode, CEO of Xeni, said:
“Xeni chose Hedera due to its eco-friendly structure, stable network and predictable, low gas fees. Hedera is an excellent choice for conducting a high volume of time-sensitive transactions.”
Xeni will launch XeniPay “with its first pilot partner, HubFares.”
HubFares is described as “a rapidly growing distributor of preferred global air content based in Dallas, TX, generating over $200 million in annual sales.”
Mark Lowery, Managing Partner of HubFares, says:
“HubFares is excited to pilot the XeniPay system. XeniPay will allow us to receive instant settlement on our invoices and seamlessly track our bookings on the Xeni platform. We see tremendous potential for process improvement and cost savings. We look forward to continuing to grow our pilot program with Xeni.”
As noted in the update, the Hedera network developers claim they provide “the most innovative, sustainable, enterprise-grade public ledger for the decentralized economy.”
The platform is “governed by a globally diverse council of industry leading organizations, including abrdn, Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.”
The Hedera whitepaper can be found here.