TL Pay, a high-security, closed-loop facility, revolutionises B2B settlements in the travel industry, providing instant transactions, reducing settlement times by over 50%, and facilitating backoffice reconciliation. TL Pay is accessible to all types of travel companies, standardising settlement processes across the entire travel industry. To celebrate this innovation, Travel Ledger is waiving the £90 account opening fee for applications received before August 30th, 2023.

Travel Ledger, a pioneering fintech provider in the travel industry, is excited to announce the launch of its innovative product, TL Pay, in the UK market. This ground breaking platform will be available for general onboarding of existing Travel Ledger customers from July 1st, 2023.

TL Pay, utilising the state-of-the-art integrated digital banking technology from NIUM, is designed to transform how financial transactions are processed in the travel industry. By enabling instant settlements, TL Pay reduces settlement times by over 50% compared to traditional Direct Debit methods.

"In the fast-paced world of travel, businesses need a solution that is efficient, cost-effective, and easy to use," says Roberto Da Re – CEO Of Travel Ledger. "TL Pay offers instant settlement capabilities and a detailed transaction audit trail, greatly simplifying backoffice reconciliation for both suppliers and agents."

Buyers using TL Pay can avoid the hassle of manually generating individual payments to each supplier. They only need to fund their TL Pay account with the necessary amount by the due date, and Travel Ledger disburses all funds automatically. Even refunds are processed at the same accelerated pace, providing buyers with faster access to any money refunded.

By becoming available to all travel companies, irrespective of their affiliation, TL Pay shatters the old paradigm that compelled companies to use varying B2B settlement methods with different partners based on association or network affiliations. This shift enables seamless transactions, fostering greater consistency and efficiency in the global travel industry.

In addition to speed and efficiency, TL Pay also offers a cost advantage. Its usage is cheaper than most banks' wire transfer fees, making it a more economical choice for businesses.

To celebrate the launch, Travel Ledger is waiving the usual £90 account opening charge for existing customers who apply for an account before August 30th, 2023.

"We are committed to our customers, and introducing them to the benefits of TL Pay without any initial setup cost is our way of expressing this," says Roberto Da Re. "We are excited to bring a new era of financial processing to the travel industry."

About TL Pay 

TL Pay is a highly secure "closed loop" facility that can only be used to pay other TL participants and for transactions filed and settled via Travel Ledger. Each participant is assigned an individual IBAN, enhancing security and ease of transactions. This functionality reinforces our commitment to deliver highly secure, efficient and economical solutions for our customers.

For more information about TL Pay, or to apply for an account, please visit www.travelledger.org  or contact hello@travelledger.org