Tourism Industry News
Destinations of the World Uses Wirecard AG's Supplier & Commission Payments Solution
Munich (PRNewswire/WorldTourismNews.eu) - One of the World's Leading B2B Travel Industry Wholesaler Simplifies Its Business-to-Business for Some Payouts to Hotels by Means of Virtual Credit Cards
Destinations of the World has just signed an agreement to make use of the "Supplier and Commission Payments" (SCP) solution from Wirecard AG. In doing so, it's required payouts to hotels will become more effective and more favorably priced.
Founded in 1993, operating 21 offices in 16 countries, and currently offering 80,000 ground services in over 1,200 cities worldwide, Destinations of the World currently processes more than 2,000 bookings globally every day, generating over 1.8 million bed nights per annum. The Company's global hotel portfolio expansion plans include; adding over 50,000 hotels by the 2nd Quarter 2011, which will be seamlessly distributed to over 450,000 points of sale globally.
Wirecard AG's SCP-solution is based on the automated issuance of virtual credit cards by Wirecard Bank AG and simplifies global settlement of payments in the B2B segment, especially for tourism operators.
James Burdett, Group Chief Financial Officer at Destinations of the World says: "Whilst in general our commercial agreements include credit facilities both with suppliers and customers, our business expansion has realised the need for a seamless, real-time payment solution. The addition of Wirecard's SCP product will assist us to open up new markets, add new partners and maximise opportunities with existing partners," further adding "Our online reservation system 'DOTWconnect' v.2, was specifically designed for direct connect seamless business transactions, and is constantly evolving to meet the needs of our rapid growth. Wirecard's SCP product proved a complementary fit to our requirement, from seamless transactions to overall service and cost efficiencies".
Jörg Möller, Executive Vice President of Sales Travel & Transport at Wirecard AG emphazises: "The combination of the DOTWconnect v.2. Technology platform with our real-time SCP technology is a perfect combination for a seamless booking experience."
Using the SCP solution, a virtual credit card is generated real-time for every single payout. In the course of the technical integration, enterprises have a choice: either virtual cards are created manually and loaded with the amount of the payout using a graphical user interface (GUI) or instead on an automated basis by means of an XML system interface. The actual time of payment is freely determined by defining full and partial payment terms, e.g. for payments falling due at the time of making the reservation or on the agreed payment period. The service provider processes credit card data in the usual way, and no process adjustment is necessary. Interfaces for the matching of data guarantee reconciliation with financial and accounting systems.
Both parties stand to benefit: the service provider, such as the hotel or airline, receives a guaranteed payment and the organizer has a substantial advantage in terms of liquidity.
Visit Wirecard AG on this year's trade fair World Travel Market (WTM) in London from November 8th to 11th. 2010 (Booth TT134) or contact us via eMail: email@example.com.
Wirecard AG is one of the leading international providers of electronic payment and risk management solutions. Worldwide, the Wirecard Group supports over 11,000 companies from many and various industry segments, automating their payment processes and minimizing payment defaults. Wirecard Bank AG is a Principal Member of Visa, MasterCard as well as JCB, operating as a credit card acquirer in more than 69 countries across the globe, with more than 100 transaction and 15 payout currencies. Within the Wirecard Group, the Wirecard Bank provides innovative solutions in the fields of corporate banking, prepaid and co-branded cards, and account products, both for commercial and private clients. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI).
Wirecard media contact: Wirecard AG, Iris Stöckl, Bretonischer Ring 4, D-85630 Grasbrunn, Ph.: +49-(0)89-4424-0424, Fax: +49-(0)89-4424-0524, E-Mail: firstname.lastname@example.org