ASHBURN International Forges Partnerships With Online Banks

Published: 1 October 2020 y., Thursday

Digital banks and fintech have transformed the traditional way of payments. Banks must ensure clients’ digital onboarding experience to gain a competitive edge. The share of online transactions (including mobile applications) in 2019 increased to 50-80%. Statistics confirm that digital banking is quickly becoming mainstream.

ASHBURN International has signed a payment service agreement with Travel Union, the travel-focused digital banking platform for individuals, families, and travel industry partners. The company will provide a range of services for the development of payment acquiring infrastructure.

“Collaborating with Travel Union will expand our geography. Online bank decided to offer the EFT POS terminals to their merchants. Our company will help Travel Union to provide such services within PCI DSS requirements. The main idea of the project is that a bank client signs an acquiring agreement in digital form and receives an EFTPOS terminal by post, in the simplest way connects it to the system and starts accepting cards within a few minutes. We are confident that this project is a win for both sides”, said Žoržas Šarafanovičius, Executive Director of ASHBURN International.

Travel Union emerged in 2018 in response to the challenges of the travel industry. Every year travelers lose a lot of money on international transaction fees and exchange rates. Travel Union was conceived by the founders not only as a mobile banking application for clients, but as a unified ecosystem for travelers and travel partners. Its business customers are hotels, airlines, travel agencies, duty-free shops, etc.

“We do not limit the range of our services to the provision of digital services, that’s why we want to offer travel partners EFTPOS terminals, and end-users – convenient payment via POS terminals in European countries. Cooperation with ASHBURN International allowed us to receive Software as a Service without the need to create our own infrastructure, which requires less time and financial costs. ASHBURN International understood our needs and helped optimize card presence acquiring, as well as increase processes efficiency”, said Travel Union CEO Raman Korneu.

This June, the Board of the Bank of Lithuania issued a new electronic money institution license to Travel Union. It enables the bank to work as a digital banking platform and issue electronic money.

Travel Union provides modern high-tech banking services, its own payments system, mobile banking app and loyalty system with cash-back.

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