Outpayce launches automated reconciliation tool for airlines
Outpayce by Amadeus has launched its Reconciliation module aimed at automating sales and payment reconciliation for airlines.
Airlines manage complex payments processes due to multiple sales channels, including web, call centre, airport, and intermediaries, as well as a diverse range of products such as flights and ancillary services. The addition of cross-border operations involving various acquiring banks and the possibility of changes or refunds to bookings that may occur up to a year in advance adds further complexity to already demanding reconciliation challenges.
Many airlines still depend on manual reconciliation methods, such as Excel spreadsheets, which require significant resources and can be unreliable. Ineffective reconciliation processes can result in substantial manual workloads for finance teams, create potential accounting issues, and even see passengers travelling on tickets that have not been fully paid for.
Outpayce partnered with a major network airline to address these issues, working together over several years to design and co-develop a fully automated reconciliation system. The participating network airline is now in the process of expanding the use of the Outpayce Reconciliation module across its operations. The solution is now being made available to other airlines globally.
Automated reconciliation
The Reconciliation module leverages Outpayce's access to synchronised airline sales and payments data, enabling a holistic, automated approach to matching sales with payments received. The system uses advanced matching algorithms and comprehensive data feeds to automate previously manual processes, providing improved visibility and control over revenue for airline finance teams.
By automating reconciliation, airlines can spot discrepancies efficiently, understand the chargeback status of individual payments, and act swiftly to resolve mismatches or identify unpaid tickets. This process helps mitigate the risk of revenue leakage and enhances the quality of financial reporting.
Finance teams are given greater transparency on revenue positions and can more quickly identify and correct inconsistencies. The new system supports improved accounting by delivering a reliable and clear picture of sales against incoming payments.
Industry feedback
Jean-Christophe Lacour, SVP & Global Head of Product Management and Delivery, Outpayce said: "Through close collaboration with our airline customers we've been able to re-imagine payment reconciliation from the ground up and I'm excited we're making this new capability available to the wider industry. Automating reconciliation for airlines represents an important step in our ambition to provide the industry's most complete suite for end-to-end payment optimization. At Outpayce we are committed to transforming airline payments, including complex pain points like reconciliation."
The reconciliation capability is delivered through Outpayce's Xchange Payments Platform. This platform is already utilised by major airlines to manage global payment flows, routing transactions intelligently to increase acceptance rates, reduce fraud and ensure payments are processed cost-effectively.
Outpayce facilitates the processing of more than USD $180 billion in travel industry payments every year, placing the company in a position to observe the full landscape of challenges facing airlines in the payments and reconciliation space.
The new module is designed to further support airlines as they respond to the challenges of global operations, high transaction volumes, and the drive to eliminate manual, error-prone processes in financial administration.
