Singapore-based fintech Nium has launched a closed-loop payments solution, Nium Airline Payments (NAP), powered by Universal Air Travel Plan (UATP).

NAP aims to provide airlines, travel agents and online travel agents (OTAs) with a sustainable and fair closed payment model that seeks to end harmful surcharges and The no-accept policy restricts companies that are notorious for inflating B2B travel costs.

Nium Airline Payments (NAP) solution and what it means

According to the information provided in the company press release, the technology for this solution is being made available to Nium through the acquisition of Ixaris, a travel payment optimization company in 2021. Nium’s first deals for this solution were Air Europa, which sought to partner with the payments company to address the inequalities associated with traditional card payment models, known today. come with travel agency offers and OTA financial incentives that hit the bulk of an airline’s profits.

Building on this knowledge, Nium Airline Payments’ closed-loop solution aims to remove profit-consuming intermediaries from the payment stream, seeking to provide airlines with the flexibility and control to set up Design transparent incentives for OTA partners. Depending on the route, seasonality and volume of business, among others.

Nium’s process is supposed to ensure payment acceptance for airlines, as they are set up to accept payments over the UATP network. In addition, the process complies with IATA Resolution 890 and is registered with the IATA TIP (Transparency in Payments) program.

Delivering these capabilities, the solution allows companies like Air Europa to benefit from significantly reduced cost-per-payment, faster checkout times and flexible merchant incentives, all without the need for additional technical integration.

Speaking about the contract with Air Europa, Nium officials said they are eager to work with the company to solve one of the biggest challenges in air distribution, which is increasing distribution at a fraction of the cost. accept high payment fees or restrict distribution to partners that offer better payment terms but reduce the overall sales opportunity.

The product news marks the latest developments in Nium’s evolution of B2B payment solutions for the travel industry (including not only airlines but also hotels and agencies). travel, among others), offers virtual credit cards (VCCs), real-time ‘pay, pay’ in over 100 currencies for 190+ countries, as well as crypto solutions.