London, June 17, 2024 – Travel Ledger is pleased to announce the successful migration of over 300 accounts, representing 40 Suppliers and more than 1500 ABTA member IDs, to the new TL Pay platform, powered by Nium’s global real-time payments infrastructure. This significant migration marks a pivotal step in modernising the payment processes for ABTA Suppliers and Agents, enabling them to benefit from the advanced capabilities of real-time payments.

Additionally, travel companies with a TL Pay account can now settle with any company on Travel Ledger, irrespective of ABTA membership, opening up a broader market for buyers and sellers to automate their B2B settlement processes.

This transition moves the Travel Ledger platform away from the slow Direct Debit-based payment system which used to require a three-day wait to confirm receipt of funds – thus achieving Travel Ledger’s target of same-day payments.

The migrated accounts have already completed a full settlement cycle on June 7^th which processed almost 2000 collections for over £ 8 Mil providing confirmation of funds within minutes. This already showcased the efficiency and reliability of TL Pay. The few remaining companies are set to complete their migration in the upcoming payment cycles, ensuring a seamless transition for all users.

Key Benefits of TL Pay:

Faster Settlement: Improved cash flow for suppliers and agents with same-day settlement for both collections and refunds, providing real-time payment confirmation.

Enhanced Processing Visibility and Reduced Risk: The platform enhances visibility into payment processing and reduces risk by providing real-time confirmation and transparency throughout the payment cycle.

Automated processing: Ensures the timely collection of supplier funds, reducing administrative burdens and standardising the process for all parties.

Multi-Currency settlement: Buyers can also settle with Suppliers requiring payments in EUR, USD and other main foreign currencies in addition to GBP.

"The switch to TL pay has been smooth and greatly increases the speed of receiving funds especially for late bookings, we are excited to roll this method of payment out to our Non-ABTA travel partners " said RCL Cruises Ltd, one of the suppliers that has already migrated to TL Pay.

The shift to real-time payments is a significant trend in the travel industry, and TL Pay is at the forefront of this movement, setting new standards for efficiency and transparency in B2B transactions.

Roberto Da Re, CEO of Travel Ledger, commented, "Having many of the major B2B suppliers using the TL Pay platform to receive payments 'same day' means they can use Travel Ledger for various types of settlement. This includes those partners where multiple collections per week are required to reduce bonding requirements or comply with pipeline money protection."

He added, "The partnership with Nium allows Travel Ledger to leverage leading cross border payment solutions, to bring to market a unique and true 'real-time' settlement platform that allows large volume B2B payments to be cleared and delivered faster than via any other payment rail, and at a fraction of the cost."

Spencer Hanlon, Global Head of Travel Payments at Nium, stated "We are pleased to support such an innovative solution devised by Travel Ledger, which showcases the power of real-time payments, especially in the B2B travel sector. This is one of our key strategic markets, poised for continued growth in the years ahead."

Travel companies interested in modernising their payment processes are encouraged to join the Travel Ledger and open a TL Pay account. For more information and to get started, please visit our website www.travelledger.org

For more information about this press release, please contact:

hello@travelledger.org or for additional comments: roberto@travelledger.org

About Travel Ledger

Travel Ledger is the leading B2B billing and settlement platform for the travel industry. By leveraging advanced technology and digital banking solutions, Travel Ledger streamlines and automates payment processes, enhancing efficiency and reducing settlement times for suppliers and agents worldwide. Serving over 2,000 individual travel businesses and settling over £70 million a month, Travel Ledger is committed to providing secure, scalable, and reliable financial services that meet the evolving needs of the global travel industry.

Our core mission is to transform accounts receivable, accounts payable, and data exchange in the global travel trade industry. We strip out settlement inefficiencies and costs from the travel supply chain and enable participants to leverage our global network to share data with unprecedented ease and scale.  For more information visit www.travelledger.org

About Nium

Nium, the global leader in real-time global payments, was founded on the mission to build the real-time global payments infrastructure of tomorrow, today. With the onset of the on-demand economy, its single platform for global payments and card issuing is shaping how banks, fintechs, and travel businesses everywhere disburse and collect funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which are in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in over 40 countries, enabling seamless onboarding, rapid integration, and compliance - independent of geography. The company is co-headquartered in San Francisco and Singapore, with regional offices in London, Amsterdam, Lithuania, Malta, Hong Kong, Mumbai, Bengaluru, and Chennai. For more information visit www.nium.com