Amadeus will launch a wholly owned payments business in 2023 | Tech US News

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Amadeus plans to launch a new payments-focused business next year, with a prepaid virtual card for sale to be its first offering, the company announced.

The new business, Outpayce, will be wholly owned by Amadeus and will build on the company’s current line of business offering its own regulated services. Amadeus has applied for and is awaiting approval for an eMoney license from the Bank of Spain, which provides the ability to offer payment services such as accepting and transferring funds and issuing debit cards in the European Economic Area. Amadeus expects that approval to come early next year, and Outpayce will launch on Jan. 1, said Amadeus payments vice president David Doctor, who will become Outpayce’s CEO.

The first such service, which Doctor said could launch in the third quarter of 2023, will be a prepaid virtual card. In one use case, the virtual card may be generated when travelers make reservations on Cytric, and travelers may use it throughout the trip with limits and restrictions set by the company on what and how much it can be used. said the doctor. The cards will also be able to be issued in the B2B Wallet product, which agencies use to pay for travel services, he said.

Amadeus and Outpayce will look to “bridge the gaps and remove friction throughout the process” with integrations as it rolls out the product, particularly in use with hotels, he said.

In addition to its own offerings, Outpayce will work to develop an “integrated payments ecosystem” through which travel companies can connect to a variety of fintech providers through open APIs. It plans a “significant” investment in that set of APIs, Dr said, and will build on its current platform that already offers services from a number of companies, including Citi, Mastercard and PayPal.

In addition, Outpayce plans to hire more payment experts and technology engineers over the next few years, alongside Amadeus employees and assets that will be transferred to the new company, to support product development and business expansion, according to Amadeus. The doctor said that growth through acquisition is not out of the question, although Amadeus will look at them not just to add customers but to “create extra value”.

Outpayce will also “evaluate opportunities” to expand into additional geographies beyond the European Economic Area, Dr said.

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