Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Latest News

Riyadh Air, Saudi Arabia’s Newest Airline with a Digital-First Vision, to Implement CellPoint Digital’s Payment Orchestration Solution

Published

on

The partnership will see Riyadh Air provide passengers with a seamless cross-border payment experience ahead of the airline’s commercial operations launch in 2025

LONDON, June 11, 2024 /PRNewswire/ — CellPoint Digital, the leading provider of payment solutions to the airline industry and a global pioneer of Payment Orchestration, today announced a new partnership with Riyadh Air, Saudi Arabia’s newest national airline. CellPoint Digital will equip the carrier with innovative payment technology to fuel its digital-first business strategy as it prepares to launch commercial operations in 2025.

The partnership supplies Riyadh Air with CellPoint Digital’s Payment Orchestration platform, enabling the carrier to process local and cross-border transactions efficiently. Riyadh Air’s vision is to disrupt a Saudi Arabian commercial aviation market dominated by legacy players like Emirates and Etihad. Achieving this vision requires an innovative approach to payments that prioritises optimised transaction routing, seamless cross-border payments, and making a wide variety of payment options available to international and domestic passengers.

The next chapter in the global story of Saudi Arabian air travel

Based in Riyadh’s King Khalid International Airport, Riyadh Air is set to launch commercial operations by mid-2025. An integral part of Saudi Arabia’s mission to reinvent itself as a global aviation hub, the $30 billion start-up airline aims to connect the country to 100 regional and international destinations by 2030, leveraging the kingdom’s location between Asia, Africa and Europe and creating over 200,000 jobs. Riyadh Air’s Chief Operating Officer, Peter Bellew, has announced that the airline plans to recruit around 300 pilots and cabin crew members by spring 2025, to commence its operations.

Advertisement
Stake.com

“While legacy airlines can be held back by legacy technology, a next-generation airline like Riyadh Air can start from a more advanced position by using tailored technology that’s built for now, not 20 years ago,” said Kristian Gjerding, CEO at CellPoint Digital. “With our Payment Orchestration solution developed specifically for the unique challenges faced by global airlines, Riyadh Air can offer travellers their preferred payment options while gaining more control over its cash flow and costs.”

CellPoint Digital’s Payment Orchestration platform uses intelligent routing, taking into consideration the pricing, processing and acceptance currency and geographical location of the processor, and increasing the success rate of transactions. In this way, Payment Orchestration minimises the number of declined transactions, preventing the customer from abandoning the booking and driving revenue for Riyadh Air.

Adam Boukadida, Riyadh Air’s CFO, added: ‘As a disruptor airline prioritising our digital capabilities, we need a payments partner with first-hand, in-depth knowledge of air travel. CellPoint Digital’s Payment Orchestration platform enables us to offer travellers a fully digital experience onboard and a smoother booking experience. Not only that, but CellPoint Digital has been supporting us with its expertise and extensive consultancy services throughout the sales process and our quest to secure international partnerships.’

For more information about CellPoint Digital and Riyadh Air partnership or to schedule an interview with Kristian Gjerding, please contact Steven Osei at [email protected].

About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration whose main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more.

Advertisement
Stake.com

Photo – https://mma.prnewswire.com/media/2434807/Cell_Point_Digital_and_Riyadh_Air_2__1.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/riyadh-air-saudi-arabias-newest-airline-with-a-digital-first-vision-to-implement-cellpoint-digitals-payment-orchestration-solution-302168600.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Agora acquires Clearshift’s real estate division

Published

on

 

Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

Advertisement
Stake.com

For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

Advertisement
Stake.com

The post Agora acquires Clearshift’s real estate division appeared first on HIPTHER Alerts.

Continue Reading

Latest News

InScope secures $4.3m to revolutionise financial reporting and auditing

Published

on

 

InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

Advertisement
Stake.com

The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

Advertisement
Stake.com

The post InScope secures $4.3m to revolutionise financial reporting and auditing appeared first on HIPTHER Alerts.

Continue Reading

Latest News

Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

Published

on

 

Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

Advertisement
Stake.com

Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

Advertisement
Stake.com

The post Citi extends USD Clearing service to Middle East in partnership with Emirates NBD appeared first on HIPTHER Alerts.

Continue Reading

Trending