Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry
This partnership will enhance payment efficiency and security for HyperGuest's global network of travel and accommodation partners with Nium's virtual card solution
LONDON, Nov. 5, 2024 /PRNewswire/ -- Nium, the leading global infrastructure for real-time cross-border payments, today announced a strategic partnership with HyperGuest, a premier B2B marketplace for the travel and hospitality industry. This collaboration brings together Nium's advanced virtual card payment solution with HyperGuest's innovative travel distribution platform to deliver greater efficiency, speed, and security in payments for HyperGuest's network of travel partners, hotels, and other accommodation providers around the world.
Payment failures, fraud, and inefficiencies are especially prevalent in B2B hotel transactions due to factors like high transaction volumes and tech incompatibility between payment systems. Many aggregators and online travel agencies are making payments to hotels through legacy banking systems and card networks, where transactions can stall for days or weeks with no visibility into status.
The integration of Nium's virtual card solution into HyperGuest's platform will facilitate faster, more secure, and transparent payments for travel businesses globally. Nium virtual cards, known for real-time local issuance in over 20 local currencies worldwide, will enhance HyperGuest's ability to connect and transact with its expansive network of global partners, streamlining complex payment workflows and eliminating traditional bottlenecks.
Independent hotels and chains on the HyperGuest platform will benefit from automated reconciliaiton and faster settlement, reducing fraud and improving cash flow to unlock working capital. For travel distributors and merchants, improved acceptance and reduced payment costs enable increased collaboration with hotel and accommodation partners.
"In a short period of time, Nium's innovative virtual card solution has enabled us to increase payment volumes and offer more choice, flexibility, and control for travel partners and hotels in our network," said Amit Rahav, Chief Product & Strategy Officer and Co-founder at HyperGuest. "By removing the middleman from the payment journey, Nium is helping us to create a fairer travel payments landscape, streamlining the process to ensure secure, cost-effective, and timely payments for participants across the entire value chain."
The partnership arrives at a pivotal time as the global travel industry adapts to new operational challenges and the growing demand for digital-first financial solutions. Together, Nium and HyperGuest are set to redefine payment processes in the B2B travel ecosystem, helping businesses remain competitive and resilient in an evolving marketplace.
"Our partnership with HyperGuest underscores Nium's commitment to meeting the evolving needs of the travel industry with simpler, faster, and more efficient payments on a global scale," said Max Lehmann, Senior Vice President of Travel Payments at Nium. "We are excited to grow our partnership with HyperGuest, delivering the benefits of our cutting-edge virtual card solution to more hotels and accommodation providers around the world. At the heart of it, it's about unlocking new opportunities for travelers by enabling hotels to focus on what they do best; delivering exceptional guest experiences."
To find out more about how modern payment methods like virtual cards control and shape the booking experience, the specific advantages for hotels and intermediaries, and the wide horizon of new products that these capabilities create, click here.
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