Ryft Payments for Travel Industry

Ryft是BUTLR现有的市场支付平台，为卖家开发了一套无摩擦工具来管理复杂的多方交易。我们正在寻求支持，以发展我们的平台，以满足旅游业的特定技术和监管需求。这是必要的，因为旅游业在过去十年里发生了重大变化，转向了在线旅行社(OTA)。然而，对于消费者和供应商来说，现有的支付和融资选择都面临着几个挑战：*复杂性：产品通常包括来自大量供应商的元素，处理在不同阶段需要支付的不同货币。人工处理这一问题既耗时又容易出现人为错误。*欺诈：37%的在线旅行社将电子商务欺诈作为他们最大的支付问题。*消费者保护：旨在保护消费者的法规意味着，在线旅行社将旅行者的付款托管，直到旅行最终完成。漫长的等待时间使结算过程更加复杂。*风险：旅行被支付行业视为高风险，因为从消费者付款到他们收到商品或服务的日期之间有一段时间。这限制了消费者的支付选择。当你当前预订度假时，提供商必须确保你的钱由可信的第三方安全保管。越来越多的人将这些钱存入信托基金。在线旅行社存款支付的两个主要信托是TTA和PTS。两者都依赖于手动上传预订到平台。这两家公司都没有向供应商或消费者提供可见性。预订、退款和向供应商付款都是手动的，作为消费者，您可能无法使用现代金融工具进行其他购买。我们的项目将开发我们的平台，以满足旅游行业的特定需求。它将有效地为在线旅行社持有付款的现有信托提供一种替代方案。它会在到期时自动发送付款。个人供应商和消费者将能够随时看到资金存放在哪里，以及将如何以及何时分配。它将更加灵活，退款或取消将更快和更容易。这将使旅游业受益，但也将使预订假期的消费者受益。

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.