Pax2pay, the B2B travel payments provider today announces it has secured its UK Electronic Money Institution (EMI) Licence from the FCA.
Securing this licence will enable Pax2pay to accelerate its expansion plans in the UK, as well as broaden its product offering.
Pax2pay makes payments easier, faster, and safer for Online Travel Agents (OTAs) through their dynamic payments optimisation engine. Enabling users to leverage a mixture of single and multi-use virtual cards, alongside bank transfers to facilitate payments, with Pax2pay Travel Businesses of all sizes can transform their payments from a cost centre to a revenue stream, and turn their processes from resource-draining to efficient.
Päivö Eerola, Pax2pay CEO says: ‘This is a crucial milestone for Pax2pay. As an EMI Licenced operator, our legal and regulatory framework will be bolstered, ensuring that we can continue to serve global businesses who depend on the safe and compliant financial services we provide. We pride ourselves on bringing peace of mind to our customers – it’s why our platform is built to make payments easier, faster and safer for our users. We’re thrilled to be able to take this next step as a business.
He adds: ‘We’re very excited about the potential this licence unlocks for us – in particular the ability to expand and develop our product offering while continuing to support our customers with their growth plans.’
Pax2pay is an award-winning digital payment solution, making travel payments easier, faster, and safer for Online Travel Agents (OTAs). Having operated in the travel industry for a number of years, and with customers in countries all over the world – no one understands the pain points of the travel sector like Pax2pay. And no one can solve for them like Pax2pay either.
The travel industry operates on extremely tight margins – for Travel businesses, the difference between a record-breaking year and potential difficulty generally sits at around 5-6%. These businesses depend on being able to make payments across borders – but these transactions are admin intensive, and are subject to poor FX rates, steep bank charges, and delays. On top of this, they also need to factor in for market-disrupting change. As seen with COVID-19, such change can be swift, unpredictable, and disastrous for many. So, it’s never been more important for those operating in the travel space to optimise their revenue streams and processes.
Leveraging its industry expertise and experience, Pax2pay addresses these pain points and truly makes a difference to the end user. With Pax2pay’s platform, Travel businesses of all sizes can transform their payments from a cost centre to a revenue stream, and turn their processes from resource-draining to efficient.