Amadeus has launched a new tool designed to enable suppliers, including travel agencies, airlines and hotels, to realize incremental revenue in their currency conversion processes by accessing the most favorable exchange rates when displaying prices in the currency of a given customer's choice.
The currency conversion tool works by providing suppliers with "real-time access to best-in-class FX rates for more than 170 currencies," rather than having to rely on a single third-party exchange provider in the payment chain, Amadeus said. Access to dynamic rates and streamlining the currency conversion process could drive savings and incremental revenue of up to "several percentage points" on each transaction, Amadeus said.
The service is being rolled out with Citi as its initial foreign exchange provider partner, but Amadeus plans to add additional partners as well, the company said.
The currency conversion tool is the first element of a planned foreign exchange services suite, dubbed FX Box, which is being integrated into Amadeus' Xchange payment platform. Launched in late 2018, Xchange combines foreign exchange and travel data into one platform to simplify revenue accounting, reconciliation and reporting processes.