OAKLAND, Calif.--(BUSINESS WIRE)--Marqeta, the open-API platform pioneering the future of modern card issuing, today announced a new partnership with ConnexPay that will simplify and streamline payments in the online travel industry.
ConnexPay is a financial technology company that manages payments between consumers, online travel agencies (OTAs) and travel suppliers. A primary challenge faced by OTAs is lack of visibility and control over the last mile of the transaction; legacy payment solutions provide payment authorizations that use only static spend control rules and no visibility at customer check-in. Additionally, merchant processors often charge OTAs above- market rates to accept cards and require reserves to be kept on account to offset risk. These problems have plagued the OTA industry for decades, adding cost, friction, and frustration.
“We’re looking to revolutionize how online travel agents accept and issue payments, and we needed a technology partner who had as much innovation and big-picture thinking in their DNA as we do,” said Bob Kaufman, founder and CEO of ConnexPay and former executive of U.S. Bank’s virtual card business. “Marqeta has done great work for us. Their platform allows us to offer OTAs amazing efficiencies and an excellent customer experience, which they can in turn pass along to their own customers.”
By using Marqeta’s innovative open-API platform to power virtual cards with Just-in-Time (JIT) Funding, ConnexPay is able to offer OTAs:
- The lowest cost of card acceptance
- Immediate access to incoming transaction funds from their customers, which they can then use to immediately pay travel suppliers
- Dramatically reduced risk of fraud through state-of-the-art machine learning
- Advanced card acceptance and card issuing decisioning to maximize client benefit
- Visibility from the incoming customer transaction to the outgoing travel supplier
- Clean and simplified reconciliation through a single provider
For the end user — travelers — this means a smoother customer experience, from online booking to check-in.
“Online travel aggregators and consolidators are competing in a crowded space, and their primary objective is to deliver an exceptional end-to-end customer experience,” said Omri Dahan, chief revenue officer of Marqeta. “ConnexPay and Marqeta have partnered to create a new system for simplifying complex payment tasks, delivering real benefits to both OTAs and their customers. We are proud to be the technology partner powering that system and helping ConnexPay bring innovation to an industry in need of a modern approach.”
ConnexPay is an innovative financial technology and payments company offering a combined virtual card issuing and merchant acquiring solution to mid-size corporations. The company’s technology reduces risk, resulting in lower cost of accepting cards, unlimited credit, and additional cash to invest in growth. ConnexPay is becoming the industry leader in payments for industries historically viewed as high risk to payment providers. For more information, visit www.connexpay.com.
Marqeta is the global standard for modern card issuing, providing the most advanced infrastructure and tools for building highly configurable payment cards. With its open API, the Marqeta platform is designed for innovators who want a simplified way of managing payment programs so that they can create world-class experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.