SUNRATE | January 10, 2023
SUNRATE, recognized as a leading financial solutions provider, collaborated with Visa, a world leader in digital payments. The partnership is to enhance the travel solutions offered by SUNRATE.
In the past, SUNRATE's stakeholders had only one way to pay for travel-related expenses with their travel partners. Now with the partnership, they will have a virtual corporate card that makes this process much easier and more streamlined.
SUNRATE, at the end of last year, shared news of a strategic alliance with Agoda, the world's largest online travel agency. In 2021, the company was accepted into the Visa network as a primary participant.
SUNRATE’S corporate cards will help its travel partners to have control over spending track and allocations. In addition, a corporate card will ensure the security of the transactions and the data for the users. Technologies like Application Programming Interfaces (APIs) have made it difficult for shared card information to be misused by imposing a time limit on each transaction.
The Payment Card Industry Data Security Standard (PCI DSS) Level 1 is an international standard for financial data security. SUNRATE has been certified to meet this standard.
"The launch of Visa virtual corporate cards is a monumental step for SUNRATE as we cement our leadership as a one-stop B2B payment partner, especially for the travel industry. Since our partnership announcement with Agoda, we have worked with many other travel stakeholders, including other OTAs and we take pride in being able to solve their overall business needs. The Visa virtual corporate card will be a key solution for our customers and beyond,"
-Shawn Qin, Head of Card Business, SUNRATE.
SUNRATE is an advanced global payment and treasury management platform for international businesses. Having global headquarters in Singapore and offices in China, Indonesia, Japan, and the United Kingdom, SUNRATE collaborates with Citibank, Standard Chartered, and Barclays and is the leading member of MasterCard and Visa. The company has facilitated local and global growth for over 130 firms since its establishment in 2016.
Plusgrade | February 23, 2023
Plusgrade, the global travel industry's premier provider of ancillary revenue solutions, recently announced the acquisition of UpStay, a growing upgrade and ancillary revenue solutions provider for the hospitality industry. UpStay supports hundreds of hotels throughout 17 countries by aiding hoteliers in growing ancillary revenue by delivering numerous value-added revenue streams to their guests.
Since its inception in 2019, UpStay has been acknowledged for its innovative technology, receiving the 2021 People's Choice Innovation Award (Phocuswright Travel Awards) and the 2022 World's Best Hotel Tech Startup (World Travel Tech Awards).
Plusgrade's acquisition of Points, the global leader in powering loyalty commerce, brought together two of the largest ancillary revenue solutions under one umbrella. Now, the company has initiated a new phase of rapid expansion. By adding UpStay, which provides hotel upgrades and other ancillary revenue solutions, to its portfolio, enhances its ability to deliver comprehensive and diverse services to its global customer base.
This move positions Plusgrade to make a more significant impact on travel businesses worldwide, ultimately leading to increased customer satisfaction. UpStay will be incorporated into the Plusgrade brand over the next few weeks and will operate as Plusgrade going forward.
Ken Harris, CEO of Plusgrade, shared, "The acquisition of UpStay is another step forward for our vision and mission of becoming the Global Ancillary Revenue Powerhouse." He adds, "We have been accelerating this mission through a series of innovations, launches and acquisitions, and have come into 2023 as a powerhouse for the global travel industry. We are thrilled to have the UpStay team join us, and look forward to tapping into their expertise and innovative technology to bring even more value to our now 200+ airline, hospitality, cruise, rail and financial services partners around the world."
(Source – PR Newswire)
Plusgrade offers a portfolio of premium ancillary revenue solutions that power the travel industry. With over 200 clients from various sectors, including airline, cruise, passenger rail, hospitality, and financial services, the company creates new, meaningful revenue streams by delivering exceptional customer experiences. As an ancillary revenue powerhouse, it has created new revenue opportunities worth billions of dollars across its platform, enhancing travel experiences for millions of passengers and guests. Founded in 2009 with headquarters in Montreal, the organization has a global presence with offices located worldwide.
AIRLINES AND AIRPORTS, INDUSTRY OUTLOOK
IBS Software | February 15, 2023
On February 15, 2023, IBS Software, a travel tech company, released new survey data that shows a staggering 93% of UK and US customers would book more services with airlines if given the opportunity, presenting an enormous opportunity for airlines.
Following a difficult phase of travel uncertainty, passenger confidence in US and UK is on the rise, with 83% of respondents planning to purchase airline tickets within the next six months, according to the study. However, the research also indicates that airlines have failed to maximize this opportunity, with more than a third of respondents (36%) indicating that booking a flight online is more time-consuming and complex than other online retail experiences.
56% of recent flyers would purchase additional offerings from an airline if the online reservation and checkout experience were more like that of online fashion retailers and grocery stores. In addition, a tenth of the people stated that they would book the entirety of their vacation with their airline if they could.
Nearly a quarter of respondents (24%) believe that having all confirmation details in one place is the primary advantage of booking multiple trip components in a single transaction, closely followed by saving money (22%) and having only one provider to deal with in case of issues (19%). Converting a one-time buyer into a repeat customer is difficult for any company. Free seat allocation (51%), included baggage (60%), and priority boarding (25%) are the top services airlines could provide to convert passengers into lifelong customers.
Paul Byrne, VP iFly Retail at IBS Software, explains, "As more and more industries invest in Amazon-esque tactics to compete for consumer spend, it's important airlines don't pass up the opportunity on the table. It's always challenging transforming back-end technology but now is the time to build more personalised relationships with your customers - in a difficult economic climate, can you afford not to?"
(Source – Cision PR Newswire)
About IBS Software
IBS Software is a leader in providing SaaS solutions for the travel industry based in Singapore. It manages mission-critical operations for clients in the aviation, tour & cruise, and hospitality industries. The aviation industry solutions provided by the company include fleet & crew operations, passenger services, staff travel, loyalty programs, aircraft maintenance, and air cargo management. It also operates a B2B and B2C distribution platform that provides hotel room inventory, rates, and availability to a network of hospitality companies and channels. Additionally, it offers a comprehensive, customer-centric digital platform for the tour and cruise industry that includes onshore, online, and on-board solutions. IBS Software is a Blackstone portfolio company with 15 offices worldwide.