Payments

Onyx Payments has Acquired 2 Companies in less than 2 Months

MEDICI

Onyx Payments is a leading processor of payment disbursement and reconciliation solutions. It is also a leading travel distributor and hotel payments processor. It operates as a global payments network and offers services like commission receipt, foreign currency exchange, invoicing, tracking, etc. The company had acquired Net Trans Services last month and has recently acquired Worldwide Payment Systems (WPS) as well.

Net Trans Services serves travel agencies with commission reconciliation services. This ensures accurate tracking of commissions so that the proper amount is paid in a valid transaction. Worldwide Payment Systems offers data and payment processing services. The company also offers commission payments services, outsourcing of billing processes and reconciliation tools. What these companies provide clearly shows that they give a boost to Onyx’s portfolio as a prominent hospitality data and payment processor.

These acquisitions drive towards a complete end-to-end e-commerce suite that can address all travel payments needs. Onyx is of the view that the acquisitions would enable it to eliminate payment processing and reconciliation barriers and improve efficiencies. This would further help in increasing commerce transparency between hotels and travel distributors.

Onyx Payments currently facilitates over $500 million in payments annually. It serves more than 40,000 properties as well as 60,000 travel distributors across 200 countries. Onyx was itself acquired by H.I.G Capital back in April 2013. Onyx Payments’ service portfolio consists of:

  • Agent Commission Processing – is a travel agency service that consolidates commissions from participating suppliers, ensuring timely and accurate payments.
  • Reconciliation – is a dynamic add-on service for customers using Onyx Payments' agency commission processing service.
  • Hotel Payment Processing – is a commission payment solution.
  • Data Management – involves processing all the commissions through providers and track data including booking revenues, account receivables, accounts payables and performance by brand, hotel, branch or agent.

At an official press release, Pedro Fernandez Salvador, founder & CEO of WPS, commented:

“We have always looked to create increasing value and uncover new possibilities through the services, technologies and efficiencies we provide travel agencies and hotels. Our experience is that the market is looking for end-to-end processing on both the demand and supply side, which is why we are pleased to be an integral part of the Onyx team that is doing just that.”

Mark S. Dubrow, CEO of Onyx Payments, commented:

“The new Onyx Payments now has the innovation, size and financial stability to be even more attractive to the multi-national companies that rely on us to process more than a billion dollars in commissions annually. I am excited that we are able to bring together tremendous market talent and technology for the betterment of our industry. Our collective goal is to provide world-class services that enable uninhibited commerce to the travel industry. By combining our business with other leading companies we are providing our customers with valued services, increased speed of payments and an improved value chain between travel distributors and hotels.”

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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