Onyx CenterSource, which provides digital B2B payments for the hospitality industry, has teamed with financial tech services provider WEX to help make payments easier for the travel business, according to a press release.
The companies will use virtual payments methods across various transaction types, in order to allow for more security in payments in both the hotel and travel company industries.
Virtual payment methods are critical to companies in both industries as firms focus more on digital, Onyx CenterSource CEO Mark Dubrow said in the announcement.
"The extensive product portfolio and global reach of WEX, combined with their experience in the travel and hospitality market as well as other verticals, made them an attractive partner," Dubrow said.
WEX works with virtual payments to help automate various business sectors. Some of their customers include travel companies, the press release noted.
The travel industry has been one of the hardest-hit by the pandemic, with the airline and tourism industries losing millions as people stopped traveling due to the health crisis. Beyond that, supply chain disruptions have led to worldwide shortages of usually-common products, including wine, cheese and leather shoes in Italy in early March.
WEX Vice President Heather Andrews said the partnership between the companies would "drive automation in the travel industry by removing friction from B2B payments while allowing for payment flexibility," the release says.
"COVID-19 has accelerated the digitization of payments as companies look for efficiencies to return to growth, and Onyx is leading the charge in the hospitality space," she said. "Together, we will look to continue to simplify payments for customers using a secure and proven supplier payments solution."
WEX recently added a new team for corporate B2B payments, PYMNTS reported. The team includes Mark Aquilina, new senior vice president of product and strategy of corporate payment solutions, who will handle product strategy and management for front-end work and cloud-native processes.
The restructuring also included a new priority for the company toward cloud-native solutions, aimed at boosting the speed and efficiency of payments.