Visa’s Cybersource and IATA Help Airlines Take Off With New Efficiencies Through IATA Financial Gateway

Rhea-AI Summary

Visa's (NYSE: V) Cybersource global payment and fraud management platform has joined the International Air Transport Association's (IATA) Financial Gateway. This partnership allows over 290 airlines to access streamlined commerce and payment solutions, enhancing revenue management and fraud protection. Cybersource offers a comprehensive suite of services, including online and in-person payment processing in over 190 countries. By integrating with IATA, airlines can save costs, improve operational efficiency, and provide customers with a seamless payment experience as the industry rebounds from the pandemic.

Positive

• Partnership with IATA enhances access to Cybersource's global payment solutions for 290+ airlines.
• Integration streamlines payment processes, reducing operational costs and delays.
• Cybersource's comprehensive suite of services supports online and in-person transactions in 190+ countries.

Negative

• None.

Hundreds of airlines now have access to the leading Cybersource global payment management platform through the International Air Transport Association’s Financial Gateway

SAN FRANCISCO--(BUSINESS WIRE)-- As the airline industry works to bring customers back on board, it is simultaneously challenged with protecting passengers, brand and revenue. To expedite takeoff, today Visa’s (NYSE: V) global payment and fraud management platform, Cybersource, announced it has joined the International Air Transport Association (IATA) Financial Gateway to help airlines streamline commerce and payment efficiencies, manage fraud, maximize revenue and innovate at a faster pace. As part of IATA’s Financial Gateway (IFG), Cybersource’s global capabilities are now available as a pre-integrated, secured digital acceptance tool to IATA’s 290+ airline members.

The new partnership enables airlines to quickly provision the full suite of Cybersource products on IFG, eliminating the need for multiple products from different brands, saving costs and reducing operational delays. Plugging into Cybersource’s robust platform can save airlines time when expanding into new geographies, implementing new payment methods, or introducing new sales channels. Together with IFG, Cybersource products seamlessly work together to help airlines deliver an enhanced, unified omni-channel orchestration experience to meet consumer demands.

A trusted partner for more than 70 airlines, including 28 of the top 50 global airlines, Cybersource’s modernized technology platform offers a complete portfolio of online and in-person services that simplify and automate payments, including:

• Payment gateway services for the acceptance of online, in-person and call center payments in over 190 countries and territories
• Decision Manager, a leading fraud management tool to help minimize fraud loss and maximize revenue
• Tokenization and more payment security tools, such as Payer Authentication, to secure sensitive payment data and ensure rules are compliant
• Pre-integration into the largest global travel reservation and distribution systems

Amid a challenging year for the airline industry, Cybersource is helping airlines around the world solve challenges brought on by the pandemic with leading products and value-added services. In one example, Cybersource teamed up with a long-standing partner, Aeromexico, to evaluate their efficiencies and identify threats and opportunities for their digital offerings. The Cybersource consultancy team, an added benefit to all Cybersource customers, was able to assess Aeromexico’s digital ecosystem, evaluate multiple customer journeys and recommend an e-commerce booking experience to further deepen loyalty and increase conversion rates, including payment and acceptance requirements in key sales markets.

“While Cybersource has long been a trusted partner of top airlines across the world, we are thrilled to join IFG to offer our full suite of payment tools to airlines,” said Fernando Souza, Vice President of Cybersource, a Visa solution. “As travel rebounds, airlines need to support domestic and cross-border travel, while containing costs and mitigating fraud. Cybersource’s platform provides tools and resources to ensure airlines can provide a smooth and secure experience for customers, while maintaining profitability.”

Muhammad Albakri, IATA’s Senior Vice President, Financial Settlement and Distribution Services, said, “IFG enables increased travel payment processing flexibility for the world’s airlines and travel suppliers to build a cost-efficient payment strategy that will help facilitate the industry’s recovery. We are happy to welcome Cybersource and its suite of products to simplify and optimize payments to support the IFG user community.”

IATA airline partners who are interested in utilizing Cybersource can learn more at the IFG website.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

About IATA

The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 290 airlines or 83% of total air traffic. IATA supports many areas of aviation activity and helps formulate industry policy on critical aviation issues. Visit www.iata.org for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005323/en/

Visa:

Caylah Novak

cnovak@visa.com

Source: Visa Inc.

FAQ

What is the recent partnership between Visa and IATA?

Visa's Cybersource has partnered with IATA to provide its global payment management platform to over 290 airlines, enhancing their payment processing capabilities.

How does Cybersource benefit airlines in the payment processing sector?

Cybersource offers airlines streamlined payment solutions, fraud management, and cost-saving efficiencies through its comprehensive suite of services.

What services does Cybersource provide to airlines?

Cybersource provides payment gateway services, fraud management tools, tokenization, and integration with major travel reservation systems for airline customers.

How many airlines are using Cybersource's services?

Cybersource is trusted by over 70 airlines, including 28 of the top 50 global airlines.

What market does Visa's Cybersource serve?

Cybersource serves the global airline market, focusing on payment management and fraud prevention.