LONDON, March 5, 2024 /PRNewswire/ — In a significant step forward for the luxury travel industry, Niumpioneer of real-time cross-border payments, announced a strategic partnership with Secret getaways, a global leader in luxury travel and experiences. This collaboration is expected to transform the payment process for hotel partners around the world, providing enhanced, efficient and secure transactions in over 20 local currencies.
Revolutionizing payment processes
Secret Escapes, known for its exclusive travel offers for its 60 million members, has taken a significant step towards improving operational efficiency and customer satisfaction by leveraging Nium's virtual card solution . This innovative payment method enables instant payments to partners and suppliers around the world, eliminating the complexities of manual reconciliation and the burden of foreign exchange fees. As Tanith Langford, Director of Financial Operations at Secret Escapes, points out, the move comes at a crucial time when the hospitality sector is facing challenges such as inflation and changing consumer expectations.
Benefits beyond efficiency
The partnership promises to not only streamline payment processes, but also raise the level of security and trust among Secret Escapes' hotel guests. With higher acceptance rates, robust fraud protection, and refund assurance for undelivered services, the collaboration is poised to strengthen the company's commitment to delivering unparalleled value to its members and partners. Spencer Hanlon, Global Head of Travel Payments at Nium, discusses outdated payment methods in the travel industry, highlighting how virtual card payment solutions like Nium's are paving the way for a better, more efficient future.
Expanding horizons
Looking ahead, Secret Escapes plans to further capitalize on Nium's extensive real-time cross-border payments network. This will further expand collection and payment capabilities in more than 100 currencies and 190 markets around the world, significantly enhancing the company's global reach and operational capabilities. This strategic partnership not only marks a significant milestone in the evolution of the travel industry, but also demonstrates how technology and collaboration can create a smoother and more enjoyable travel booking experience.
As these two industry leaders join forces, the implications for the global travel and payments landscape are profound. This collaboration not only sets a new standard for travel payment efficiency and security, but also highlights the importance of innovation to meet the evolving needs of consumers and businesses. With this partnership, Nium and Secret Escapes are not only facilitating transactions; they are shaping the future of luxury travel, making it more accessible, more enjoyable and safer for millions of people around the world.
