Ryft Payments for Travel Industry

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Ryft is BUTLR'S existing marketplace payment platform that has developed a set of frictionless tools for sellers to manage complex multiparty transactions. We are seeking support to develop our platform to meet the specific technical and regulatory needs of the travel industry.This is needed because the travel industry has changed significantly in the last decade with a shift to Online Travel Agents (OTAs). However, for both consumers and suppliers, existing payment and finance options have several challenges:* Complexity: Products typically include elements from a large number of suppliers, handling different currencies who need to be paid at different stages. Dealing with this manually is time consuming and open to human error.* Fraud: 37% of OTA cite ecommerce fraud as their single biggest payment issue.* Consumer protection: Regulations designed to protect consumers mean OTAs place traveller's payment in a trust until the time the trip is finally taken. The long waiting period further complicates the settlement process.* Risk: Travel is considered high risk by the payments industry, due to the time period between the consumer's payment and the date that they receive the goods or services. This limits payment options for consumers.When you currently book a holiday, the provider has to make sure your money is kept safely by a trusted third party. Increasingly, this money is deposited within a trust. The two dominant trusts where OTAs deposit payments are TTA and PTS. Both rely on manual uploads booking to platform. Neither provide visibility to suppliers or consumers. Bookings, refunds, and payments to suppliers are all manual and modern finance tools you might use for other purchases are not available to you as a consumer.Our project will develop our platform to the specific needs of the travel sector. It would effectively provide an alternative to the existing trusts where OTAs hold payments. It would automatically send payments when due. Individual suppliers and consumers will be able to see at any time where money is held and how and when it will be distributed. It will be much more flexible, and refunds or cancellations will be faster and easier.This will benefit the travel industry, but it will also benefit consumers booking holidays.