Fintech provider Wex this week announced a seven-year partnership with Shenzhen, China-based travel distribution platform Dida Travel to strengthen the platform's payment infrastructure and improve cross-border payment efficiency, the companies announced.
Wex will provide its capabilities for issuing virtual cards, cross-border settlement and automation to help support transactions on Dida's platform, which includes connection to content for airlines, hotels and other travel suppliers. A spokesperson for the companies said the agreement improve payment, settlement and visibility across the distribution models which Dida supports, including travel management companies and travel agencies.
The companies said those benefits include improved conversion and fewer transaction failures.
"Our work with Wex is a critical step toward linking discovery, distribution and execution into a single, integrated system," Dida Holdings group CEO Daryl Lee said in a statement. "Platforms that can operate across all three layers will have a clear advantage in capturing and retaining value across the transaction."