Katanox, the hospitality distribution and fintech platform, is enabling accommodation providers and accommodation buyers to book and transact via bank payouts all within one platform in the Netherlands.
This has been made possible following the company being granted a PSD2 payment institution licence from the Dutch National Bank. As a payments licence holder, Katanox Financial Technology B.V., a company within the Katanox group, offers regulated payments services across the European Economic Area (EEA).
No money will go unaccounted for as the entire process is streamlined within Katanox’s platform. This includes distribution and booking to automated commission reconciliation and payouts.
“The granting of this licence is an enormous next step in our one platform approach to provide accommodation buyers and sellers the most efficient products to distribute and transact properties and rooms. Not to mention extremely cost effective too,” said Paul Beukers, co-founder Katanox.
“This is simply the beginning as we will expand our payments offerings into more markets and build more products both horizontally and vertically to deliver unprecedented opportunities to the hospitality industry.”
Not only does this give hotels and accommodation buyers more efficient workflows, control and transparency, it also provides a better alternative to virtual credit cards (VCCs).
The licence will provide customers with an alternative to virtual credit cards (VVCs). Additionally, it will give hotels and accommodation buyers with more efficient workflows, control and transparency.
As is outlined in Katanox’s payment series, VCCs, although offering some benefits, come with high fees and are prone to errors. When all of these fees are combined, hotels are paying, on average, 2.5-3 per cent per VCC transaction.
The B2B payments alternative to VCCs are direct bank payouts. Direct payments provide many advantages, including:
- Simplicity
- Transaction security
- Lower transaction fees (for all parties involved)
- Ownership of distribution
- Trusted relationships between buyers and sellers
