ConnexPay launched a global travel card as part of a new suite of payment capabilities.
The virtual card is designed to help ConnexPay’s travel company clients boost payment acceptance and minimize or eliminate foreign exchange fees, the payments company said in a news release Tuesday (Feb. 6).
It’s part of a broader program dubbed ConnexPay Exclusives, “a suite of payment capabilities designed to optimize payment outcomes, including supplier acceptance, while also lowering the total cost of payments,” the company said in the release.
“The ConnexPay Global Travel card has allowed us to eliminate cross-border and FX fees on international payments made to travel suppliers,” Steven Borukhin, chief development officer at Downtown Travel, a ConnexPay client and early user of the card, said in the release. “This solution provides us with a higher rebate than we would otherwise receive when paying suppliers in other countries and also boosts supplier acceptance.”
PYMNTS examined some of the issues facing businesses in the cross-border payments space last month, noting that the volume and value of cross-border payments rose by a respective 61% and 37% in the last month. This underscores the need for modernization efforts that can help streamline global payments.
“With the higher cost of funds, higher interest rates, capital flows tied up in various areas, payments are becoming more expensive,” Keith Vander Leest, head of payments at Cross River, told PYMNTS last fall. “If you can move money through the flow faster, that lowers costs … all of our FinTech [partners] are trying to figure out how some of these newer, faster payment rails can help them in their offering to their customers.”
Meanwhile, ConnexPay’s new offering follows the company’s January collaboration with Conferma Pay, which combines its virtual card issuing engine and real-time funding with Conferma Pay’s card ecosystem. The partnership will let travel businesses simplify their payments processes and enhance cash flow management.
“By managing all your payments through virtual cards all on one platform, it’s much easier to connect and do business at a global scale,” said Conferma Pay CEO Jason Lalor at the time.
Added ConnexPay founder and CEO Bob Kaufman: “Improving cash flow and paying suppliers in a fast and secure way boosts purchaser-supplier relationships and expedites business growth.”
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