5 Ways a Payment Orchestration Platform can help Airline CFOs optimise their Business

It’s a near-universal truth that all companies, especially airlines, want to cut their costs and maximise their profits. In those enterprises large enough to afford and employ them, this is the purpose of Chief Financial Officers, or CFOs.

With customers increasingly relying on digital payments for flights – with their transactions occurring 24/7 in a global marketplace – payment processing has become increasingly complex for airline merchants. This accelerating complexity has only made CFOs more important, as it is they who oversee these payments to ensure the financial growth of their airline is healthy and sustainable. But what is the best way for CFOs to view and manage these payments?

This is where Payment Orchestration Platforms (or POPs) come into play. POPs can offer CFOs a solution that helps them manage and reconcile payments made from multiple sources around the world, while simultaneously ensuring that the customers themselves enjoy a seamless payment experience.

In this article, we will discuss how a POP can help CFOs optimise their airline. We'll also explore in depth how Payment Orchestration reduces costs, offers cross-border benefits, saves time on operational costs, and improves fraud management by flagging potentially fraudulent payments before they're processed.

Another way that PO benefits CFOs is by boosting security. It’s an unfortunate fact that the more complete payment processing becomes, the higher the risk for potential fraudulent payments.

Indeed, according to a new study from Juniper Research airline ticketing, along with a number of other online services, will cumulatively lose over $200 billion to online payment fraud between 2020 and 2024; driven by the increased sophistication of fraud attempts and the rising number of attack vectors.

To mitigate these risks, Payment Orchestration Platforms (POPs) offer airlinesenterprises advanced fraud management and prevention techniques to help them ensure that all payments are legitimate and above board. By using machine learning algorithms to analyse payment history and customer behaviour, POPs can flag and stop potentially fraudulent payments before they're processed.

We all know that strong fraud management is critical for airlines to stay competitive. Staying ahead of fraud protects an airline’s bottom line and safeguards them against any damage to their reputation. By investing in a Payment Orchestration platform that boasts advanced fraud prevention techniques, CFOs can thus ensure that their airline maintains the highest standards of payment security and demonstrates their commitment to customers and stakeholders.

Payment Orchestration can also greatly enhance the customer’s payment experience by consolidating multiple payment methods into a single platform. This allows airlines to offer consumers a seamless and frictionless payment experience. This can, in turn, improve customer satisfaction and loyalty, which can provide increased sales.

Furthermore, improving the customer experience is key for airlines who wish to attract and retain customers in a saturated global marketplace, as well as those looking to build a loyal customer base, and differentiate their business from their competitors.

Thanks to Payment Orchestration, airlines can provide their customers with a superior payment experience, regardless of the actual payment method chosen by them, which ultimately leads to increased revenue. By enabling a wide variety of payment options, Payment Orchestration plays a critical role in enhancing customer experience and driving business succes.