NXSystems is rolling out two solutions to help the airline industry successfully track and manage international transactions while increasing efficiency and minimizing fraud.
NXSystems’ Tokenization solution enables the airline community to process transactions from multiple payment ecosystems (Online Travel Agents, direct bookings, kiosks etc.) in a timely, efficient and safe manner while BankViewTM offers easy tracking through a centralized dashboard.
International tourism is at an all-time high with more than one billion people traveling abroad in 2014 alone. Carriers must have easy access to their multiple international bank accounts in order to move funds across the globe easily and securely. NXSystems, an IATA strategic partner, will be unveiling BankViewTM at the trade association’s World Financial Symposium, taking place September 14-17 in Barcelona.
BankView allows airlines to view and manage all their international online banking activities in one easy-to-use platform. This centralised, secure platform presents all linked bank accounts in a single web-based dashboard, consolidating the time-consuming process of accessing bank accounts held across different countries. BankView’s™ dashboard simplifies airlines’ reporting, compliance and reconciliation tasks while increasing ROI across their treasury operations. With BankViewTM, treasury managers are able to retrieve all their transactions in a trusted, secure environment from any location or device.
NXSystems’ Tokenization Solution combats the obstacles airlines, travel operators and OTAs face when processing international reservations and payments by eliminating card exposure in the international market that often results in above-average fraud and significantly reducing interchange and foreign exchange fees.
The Tokenization Solution consists of a one-time dedicated use, multi-currency and secure virtual payment card number or token, which is generated for each transaction and delivers the transaction to the receiving financial entity within seconds. The Tokenization Solution eliminates fraud (prevents the originating credit card number from being exposed) while reducing interchange and foreign transaction fees with NXSystems’ in-house settlement process. The in-house settlement minimizes delays and avoids authorization holds by keeping credit lines open and closing the transaction cycle with an automated reconciliation processes.
NXSystems is regulated by the UK Financial Conduct Authority and currently holds a full European E-Money license. The company is an approved issuer of physical and virtual cards for Visa®, MasterCard® and China UnionPay, and a Principal Member of MasterCard International and China Union Pay. NXSystems is PCI DSS regulated so airlines and multi-national entities can ensure their payments operate in a safe, controlled and regulated environment.
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