February 15, 2019
Fenex – a blockchain-powered payment and services solution for the travel and hospitality industry that provides a network of payment products to simplify B2B travel transactions.
Fenex’s range of products will serve travel agents, hotels, airlines and tourism experience providers looking to speed up payment settlements, automate processing, reduce transaction fees and generate additional revenue opportunities. These products include the patent pending blockchain powered digital business to business payment platform (dB2B), BlocRec, and BlocTic, among others.
Today, the current structure of the credit card issuance and acceptance costs in the hospitality industry can be as complicated as a 16-step process. Fenex is out to simplify this for its partners, offering a dB2B solution that cuts the steps down to six and speeds up the payment settlements to three days as opposed to the typical virtual credit card transaction of five days. Additionally, the fees and costs are reduced approximately by 50% when compared to virtual credit card transaction and compliance costs.
Daryn Griggs, CEO of Fenex, explains: “Our Payments and Commission Management Platform dB2B can be utilised as a Virtual Credit Card (VCC) and Commission Management tool that delivers a range of benefits to both travel agents and suppliers by speeding up the settlement process, drastically reducing transaction costs – all with the ability to manage booking payment and commission collection in one system, and transfer is secure using the underlying benefits of the Blockchain framework.”
BlocTic meanwhile aims to wipe out ticket fraud, ensuring buyers never have to worry about showing up to a ticketed event and finding out that their tickets are fraudulent, whilst giving operators peace of mind, too. BlocTic is a one-stop blockchain ticketing solution that’s secure and fraud-free for tourism attraction and travel experience operators that helps safeguard valid and legitimate ticket sales. BlocTic provides the ability for ticket purchasers to check the validity of any ticket in real time – online or in-person.
Some benefits of BlocTic include:
- Ticket sales that are 100% safe – without fraud, ticket duplication and exorbitant prices paid in the secondary market.
- Eliminates fraudulent tickets, gives consumers the ability to check the validity of ANY ticket, online or in-person, in real time.
- No ticket fraud = less complaints = a stronger image
- Know exactly who is present, anytime (and who isn’t)
- Automatic refund procedure at the time of cancellation or resale
- Identification via mobile means shorter lines on event days
- WeChat Pay integration, which checks the validity of ticket before the transaction is processed, enhancing safety and security
Finally, BlocRec is a blockchain powered reconciliation engine with artificial intelligence and optical character recognition technologies embedded, providing enhanced data capability and simplifying data reconciliation – all adding to the Fenex blockchain for transparent, safe and secure access and storage.
- Automated data import, mapping, transformation and enrichment using AI (artificial intelligence)
- Allocation of codes for automated reconciliation status or disposition
- Exception identification. Items can automatically be flagged as exceptions for followup
- Notifications and alerts can be triggered to give insight
- Data can be automated for extraction, transformation and delivery to a number of popular accounting and ERP application
In addition to dB2B, BlockTic and BlocRec, Fenex also offers a number of other payment products and services, including a multi-currency pricing and invoicing platform, digital wallet, virtual terminal, TXN router, and POS and internet payment gateway.