Bruce Parker represented Modo at the Batch 12 Travel & Hospitality Virtual Selection Day hosted by Plug and Play on August 25th. Modo was one of a handful of tech companies who were invited to give a three-minute pitch on how their technology was helping the travel and hospitality industry. Based on the strength of that pitch, Modo was invited to participate in a 3-month intensive Play and Play incubator program.
Modo simplifies payments for the worlds most complex organizations. Payments are complicated, in part because there are so many competing tensions – enhancing the customer experience, doing new things from a growth initiative perspective, and balancing all that with the costs both operationally as well as the costs of the payments themselves.
Travel actually takes that to another level. The challenges inside travel include the fact that the travel industry has its own currency – loyalty points. They have very unique payments requirements with multiple participants in the value chain including global distribution systems, payment systems, and other partners performing payments. All that complexity impacts an enterprise’s ability to serve your customers, your guests. That all leads to some pretty complicated, sophisticated back-office requirements.
Modo helps to simplify a lot of that complexity for businesses in the travel industry. First of all, Modo delivers a custom payments experience that takes them out of the security and compliance requirements. Modo implements the bespoke payment processing requirements that are unique to travel. Modo manages the integrations and connections to all the different partners. And finally, Modo normalizes settlement reporting and back-office integrations so that our clients can actually interact with payments the same way every time.
There are a number of key components to how Modo delivers on that value proposition and simplification. First of all, there is the ability to interact with users and give them that payments experience, which we call “Modal.” There’s a single API that normalizes all forms of payments data in and out. Modo vaults and stores, securely, all forms of payments data. And then, finally, Modo gives them a portal so that their back-office team and others can interact with that payments data as humans.
Bruce went on to demonstrate a live checkout experience using split-tender or split-combination, that Modo deployed for Etihad Airways. Watch the video to see the full presentation.