Airline giants Air France and KLM have partnered with fintech company, Nium, to offer an innovative payment solution. The initiative, titled Nium Airline Payments Solution (NAP), aims to facilitate “closed loop” electronic payments between the airlines and selected travel agents. This eliminates the need for traditional card transactions and instead utilizes a secure network composed of UATP authorization rails and bank transfers. The benefits of this system include lower costs, streamlined reconciliation, and faster settlement processes. By removing intermediaries, NAP allows Air France and KLM to provide a new payment option to their travel agents. Nium’s solution is designed to simplify payment acceptance and drastically reduce settlement times.
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