Companies join forces to provide more global, more competitive end-to-end commerce solution for the travel industry.
Onyx Payments, the largest payment processor for hotels and travel distributors, announced today that it has acquired the Spain-based Worldwide Payment Services (WPS), a leading provider of international payment processing.
Innovative technologies and a strong customer base have earned WPS a global name in hospitality data and payment processing. The two companies have been strategic partners serving joint customers for a number of years and have co-marketed a leading travel agency commission collection product that has served joint customers since 2012. Today’s announcement is a natural extension of this joint partnership and is an opportunity to fulfill the vision each company actively seeks to bring to the travel industry.
“We have always looked to create increasing value and uncover new possibilities through the services, technologies and efficiencies we provide travel agencies and hotels,” said Pedro Fernandez Salvador, Founder and Chief Executive Officer, WPS. “Our experience is that the market is looking for end-to-end processing on both the demand and supply side, which is why we are pleased to be an integral part of the Onyx team that is doing just that.”
Today’s announcement comes on the heels of the company’s acquisition of Net Trans Services last month. With three strong companies uniting together, the new Onyx Payments provides leading payment processing and reconciliation services to the marketplace. Onyx now boasts the industry’s best technology, people and processes to address the global, end-to-end commerce payment needs of the travel industry. As a result, the new company will eliminate payment processing and reconciliation barriers and improve efficiencies, while increasing commerce transparency between hotels and travel distributors. Over the coming months, the company will communicate how new and existing travel distributor and hotel customers will be able to take advantage of its evolving and innovative solution set.
“I am excited that we are able to bring together tremendous market talent and technology for the betterment of our industry,” said Mark S. Dubrow, Chief Executive Officer and President, Onyx Payments. “Our collective goal is to provide world-class services that enable uninhibited commerce to the travel industry. By combining our business with other leading companies we are providing our customers with valued services, increased speed of payments and an improved value chain between travel distributors and hotels. It’s particularly exciting to know that Onyx Payments has the innovation, size and financial stability to make the commerce services we provide even more attractive to the multi-national companies that rely on us to process more than a billion dollars in commissions annually.”
In April of 2013, H.I.G. Capital (a global private investment firm with more than $17 billion of capital under management) acquired Onyx Payments with a commitment to provide the financial strength to be the best in class payment and commission reconciliation processor. This merger is a further advancement towards achieving the strategy.
About Onyx Payments
Founded in 1992 and headquartered in Dallas, Texas, Onyx Payments is the world’s largest processor of payment disbursement and reconciliation solutions. Onyx Payments operates a global payment network and provides its hotel and travel agency customers with services including commission receipt and disbursement; foreign currency exchange; invoicing; and reconciliation and tracking. The company facilitates in excess of $500 million in payments annually, with more than 40,000 hotels contracted, servicing more than 200,000 travel distributors in nearly 200 countries. In addition to its headquarters in Dallas, Onyx Payments has regional hubs in London, Singapore, New York and Scottsdale, Ariz. For more information, visit www.onyxpayments.com.
About Worldwide Payment Systems
WPS is a data and payment processor company specialized in the management and control of international payments worldwide. Founded in 1998, WPS optimizes the business flows of more than 200,000 travel industry entities in 192 countries providing payment, reconciliation and invoicing solutions. Characterized by high level flexibility, the services provided to their customers are strengthening relationships between the different players of the market. WPS is leading innovative projects which have created an efficient framework for the development of the travel industry. Headquartered in Europe, WPS operates with different banks worldwide and about 60 currencies. Permanently updated online information is provided through WPS Web portal, allowing users full visibility and control of their payments’ status. For more information, visit www.wpsnetwork.com.