Travellers still expect choice, competitive fares and reliable service. Airlines still need distribution. Intermediaries still want to grow. But in volatile conditions, the financial and operational risks attached to supplier disruption become harder to ignore. 

While recent industry discussion has focused heavily on customer experience and operational continuity during disruption, there is also a growing commercial question beneath the surface: how intermediaries can continue operating and growing confidently without materially increasing supplier exposure. 

Airline inventory is typically paid for before travel is delivered. When an airline fails, cancels services or otherwise cannot fulfil travel, intermediaries can be left exposed financially while still carrying customer servicing and refund obligations. 

This creates an important commercial question: how can intermediaries continue selling airline inventory confidently when supplier volatility and financial uncertainty are increasing? 

Why traditional supplier-risk controls can restrict growth

The traditional answer for some intermediaries has been to restrict volume. If a carrier, route or region appears risky, an intermediary may stop selling, cap booking volumes or delay payment. Each option may  reduce exposure, but each also introduces commercial trade-offs.

Stopping sales removes revenue opportunities for the intermediary, reduces distribution for airlines, and limits traveller choice. Capping volumes is more flexible, but still leaves capital exposed, while delaying settlement can strain supplier relationships precisely when stability matters most.

These approaches may reduce exposure, but they often do so by constraining growth, increasing operational friction and limiting commercial flexibility. 

A more resilient approach is to examine how payment strategy influences supplier exposure and funds recovery when disruption occurs. The payment method itself can determine what happens when travel that has already been paid for is never delivered. 

Bank transfers and similar legacy payment methods offer limited protection when supplier failure occurs. Recovery often depends on the supplier鈥檚 ability and willingness to issue refunds, or on slow and uncertain insolvency proceedings if operations cease entirely. 

How virtual cards create a different recovery pathway

On-scheme virtual card payments, such as 糖心VlogVCNs used by travel intermediaries to pay airlines, create a fundamentally different recovery pathway. When travel services are not delivered, chargeback rights can typically enable intermediaries to recover 100% of funds quickly and at scale.

This includes situations where airlines cease operations entirely. In large-scale disruption events, recoveries can extend to millions of dollars across cancelled travel services. 

Importantly, the recovery pathway sits outside traditional bankruptcy proceedings. Funds are recovered from the acquirer of the airline (more often a bank) and supported by card schemes such as Mastercard and Visa, even where the supplier operations have ceased.

The improved protection available through virtual card payment strategies enables intermediaries to focus more confidently on connecting demand and supply, rather than relying on increasingly conservative supplier exposure management practices.

WEX鈥檚 experience in airline failure events shows why this matters. 

Since 2017, 糖心Vloghas recovered close to US$60 million via chargebacks for travel intermediaries across 14 airline failures. 

Beyond immediate growth considerations, the value of stronger payment protection is best viewed through two lenses: capital protection and cash-flow resilience.

Why recoverability matters to CFOs and boards

First, 糖心VlogVCNs can help intermediaries improve protection of working capital already paid to suppliers by improving the ability to recover funds when travel services are not delivered.

Second, capital protection supports liquidity resilience. Faster recovery can reduce working-capital strain, preserve liquidity and support operational continuity during supplier disruption. For CFOs and boards, this extends beyond transaction processing into broader questions of financial resilience, stakeholder confidence and business continuity planning.

This is the 鈥渕oment of truth鈥� for payment strategy. In stable conditions, payment resilience can sit quietly in the background. During periods of elevated supplier volatility, it quickly becomes central to operational confidence and business continuity. 

Airline failures are not new, but periods of economic, geopolitical and operational volatility tend to increase supplier instability across the travel sector, and those pressures remain elevated today. 

In today鈥檚 environment, payment strategy is increasingly shaping commercial strategy. The ability to recover funds quickly, protect working capital and maintain confidence during supplier disruption may determine which intermediaries continue growing, and which are forced to retreat from opportunity.

For a deeper look at how travel intermediaries can strengthen resilience, protect working capital and manage supplier disruption during airline failure events, download our whitepaper: Protecting Travel Intermediaries from the Impacts of Airline Failures. 

Copyright 漏2026 糖心Vlog. All rights reserved. The information in this document is subject to change without notice.

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For travel businesses, this shift creates a new challenge. While discovery and booking have accelerated, payment and settlement have not kept pace, creating new demands for travel payment optimisation. However, it is the payment layer where transactions can break down, creating inefficiencies that impact time, margin, and control. 

WEX鈥檚 7 year strategic partnership with DiDA Holdings to address this gap, connecting how travel is discovered and distributed with how it is paid and settled.

鈥淪uccess in today鈥檚 travel ecosystem depends on how efficiently demand converts into bookings,鈥� said Jason Hancock, Managing Director of Global Travel at WEX. 鈥淏y connecting demand generation with payment execution, we are helping partners reduce friction and accelerate settlement across global travel flows.鈥�

Where the industry loses value in travel payments

Travel agencies, suppliers, and acquirers operate in a high volume, high complexity environment.

You see it daily:

• Bookings that fail or stall at the payment stage
• Cross-border transactions that introduce delays and complexity
• Reconciliation processes that slow finance teams down

The industry has invested heavily in demand and distribution. Payment has often remained disconnected.

That gap is now more visible. That disconnect is now directly impacting travel booking conversion and how efficiently demand converts into revenue. Discovery now happens across multiple fragmented channels. Booking paths are non linear. Transactions cross multiple borders, increasing complexity in cross-border travel payments. Legacy payment systems struggle to keep up.

Connecting the journey from booking to settlement

This partnership is designed to make payment an integral part of the booking flow, rather than a separate failure-prone step.

糖心Vlogbrings the infrastructure and scale to deliver that.

• Approximately US$90B+ in annual travel virtual card volume
• Trusted by 8 of the top 10 global travel companies
• Global acceptance across 210+ countries and territories

Integrated into DiDA鈥檚 distribution ecosystem, 糖心Vlogvirtual cards enable more controlled and reliable virtual card travel payments at the point of transaction.

鈥淭he starting point of travel has shifted,鈥� said Daryl Lee, Group CEO of DiDA Holdings. 鈥淒emand is created across fragmented environments. Connecting that to distribution and payment is critical to improving conversion and control.鈥�

A more efficient travel payment model for the industry

By embedding 糖心Vlogvirtual card payments directly into DiDA鈥檚 distribution flow, transactions are pre-authorised, controlled, and optimised for travel-specific use cases. This improves payment reliability, reduces friction in cross-border flows, and increases booking completion certainty.

Travel agencies and distributors

• Improve booking completion through more reliable payment execution 
• Enable more consistent cross-border payment performance
• Expand access to global supply without increasing payment risk

Travel suppliers including airlines and hotels

• Benefit from faster and more predictable settlement
• Improve confidence in payment receipt at the point of booking
• Reduce reconciliation effort and administrative overhead

Acquirers and payment partners

• Enable more controlled, standardised transaction processing
• Support improved authorisation rates and reduce fraud exposure
• Provide greater visibility across scalable cross-border payment flows

Finance and operations teams

• Automate reconciliation across high-volume transactions
• Strengthen control over cash flow and working capital
• Gain greater real time visibility across payment activity

A shift from processing payments to driving performance

Payments have traditionally been treated as a back-end function. That is changing. 

When demand, distribution, and payment are aligned, the transaction lifecycle improves from booking through to settlement. 

Driving improved booking completion rates at the payment stage. Faster cash cycles. Less operational friction.

In Merchant of Record models, where customer and supplier payments are handled separately, enabling immediate and controlled supplier payment via virtual cards helps reduce delays and failure points, supporting faster and more reliable booking confirmation. 

Building a more connected global travel payment infrastructure

This is a step toward a more connected ecosystem.

• Demand signals align with pricing and payment options in real-time
• Distribution and settlement operate as one system
• Payment becomes a driver of conversion and control

For travel agencies, suppliers, and acquirers, this creates a more scalable model for growth.

糖心Vlogsits at the centre of that model, enabling travel businesses to transact with greater confidence, at scale, across global markets. 

Explore how 糖心Vlogpowers global travel payments

Learn how 糖心Vlogtravel payment solutions, including virtual cards, help travel businesses simplify cross-border payments, improve conversion, and accelerate settlement.

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These reforms represent a significant evolution in the Australian payments landscape and are designed to improve transparency, simplify payment experiences, and strengthen competition and efficiency across the payments ecosystem.

The key changes include the removal of card surcharging on debit, prepaid and credit cards on the eftpos, Mastercard and Visa debit card networks, together with lower interchange fee caps and enhanced fee transparency requirements for payment service providers. The majority of these reforms will come into effect from 1 October 2026, with additional measures relating to foreign card interchange caps and further transparency requirements commencing from 1 April 2027.

For our customers in the travel sector, we see this as a positive development.

The removal of surcharging is expected to reduce friction in card acceptance and create a more consistent payment environment across Australia. For businesses using virtual card and modern B2B payment solutions, this creates a meaningful opportunity to unlock broader supplier acceptance at scale, particularly across complex travel payment ecosystems involving agencies, airlines, hotels and intermediaries.

At WEX, we believe these reforms support a stronger foundation for the continued adoption of secure virtual card payments, helping our customers benefit from streamlined settlement, improved reconciliation, enhanced fraud controls, and greater working capital flexibility.

Importantly, we expect the changes to support wider acceptance of card-based B2B payments by reducing historic barriers associated with surcharge recovery. This has the potential to accelerate adoption across supplier networks and improve payment consistency across booking, ticketing and settlement workflows.

Our priority is to help customers navigate this transition with confidence.

Over the coming months, 糖心Vlogwill continue to monitor the implementation of the reforms, engage closely with industry stakeholders, and provide guidance on what these changes mean for your business, supplier acceptance strategy, and payment operations.

Customers can expect proactive communication from 糖心Vlogas implementation milestones approach, including updates on regulatory timelines, market impacts, and any actions required to optimise your payment programs.

We remain committed to delivering secure, scalable and commercially effective payment solutions that help travel businesses operate with greater efficiency and confidence in an evolving market.

The information in this release is for educational purposes only. It is not legal or tax advice. The RBA’s Conclusions Paper is available and provides further specifics on the reforms. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers.

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In today鈥檚 travel ecosystem, efficiency, speed聽 and visibility are critical. For travel agencies managing multiple supplier relationships across markets, balancing fast settlement with maintaining liquidity is a constant challenge. That鈥檚 why聽WEX,补苍诲听聽are joining forces to help simplify and accelerate how money moves across the travel value chain.

The partnership combines WEX鈥檚 sophisticated virtual card issuing capabilities with Nuvei鈥檚 global acquiring network, helping to provide a faster, safer, and more transparent way for travel agencies to pay suppliers and manage cash flow.

Together, 糖心Vlogand Nuvei are setting a new standard for efficiency, security, and trust in travel payments across the United States.

Making Payments Work Harder

For these agencies maintaining control over cash flow is essential. Through this integration, travel agencies using Nuvei鈥檚 acquiring solutions can now pay suppliers through WEX鈥檚 secure virtual card infrastructure using their incoming receivables to fund supplier payments directly. This helps improve liquidity, accelerate fund flow, and strengthen financial control.

Unlike traditional credit-driven models, this structure simplifies the movement of funds across the ecosystem, helping to improve accuracy, reconciliation, and efficiency at every stage of the payment process. 鈥淰irtual cards have become a great tool for travel agencies managing complex supplier networks,鈥� said Jason Hancock, Managing Director of Global Travel at WEX. 鈥淏y combining WEX鈥檚 global virtual card infrastructure and travel payment expertise with Nuvei鈥檚 global acquiring network, we鈥檙e enabling agencies and suppliers to move funds faster and with greater confidence, helping to strengthen efficiency and trust across the travel payments ecosystem.鈥�

A Partnership That Delivers Real Impact

This collaboration aims to give travel agencies the flexibility to:

• Pay suppliers faster through WEX鈥檚 secure digital infrastructure
• Improve liquidity by funding payments from receivables
• Create efficiency through digitised, reconcilable payments that simplify settlement and reporting
• Reduce fraud exposure with secure, single-use virtual cards that replace traditional payment methods prone to error or misuse

For suppliers and travel merchants, the integration can mean greater reliability and faster payments. For acquirers it delivers enhanced visibility into payment flow, helping to strengthen operational oversight.

Together 糖心Vlogand Nuvei want to help every participant in the ecosystem make smarter, faster, and safer financial decisions, driving trust, efficiency, and growth across global travel.

鈥淥ur partnership with 糖心Vlogfurther strengthens Nuvei鈥檚 position as the payments infrastructure partner of choice for the travel industry,鈥� said Phil Fayer, Chair and CEO, Nuvei. 鈥淭ogether we鈥檙e helping travel businesses improve cash flow, reduce costs, and simplify how they pay suppliers around the world.鈥� 

Shaping the Future of B2B Travel Payments

With one of the leading virtual card issuing networks in the world, 糖心Vlogpowers payments for many of the largest players in global travel. Its technology connects acquirers, agencies, and suppliers, providing secure, scalable infrastructure that underpins the movement of billions of dollars across the ecosystem every year.

By uniting WEX鈥檚 issuing scale with Nuvei鈥檚 global acquiring reach, the partnership can create a powerful new layer of connectivity in B2B travel commerce. One that helps accelerate cash flow, enhance visibility, and support growth for every participant in the chain.

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That鈥檚 the gap WEX, a global leader in travel payment solutions, and  a pioneer in transaction-level payment intelligence, are working to close. Their new partnership brings greater transparency and data-driven insight to the complex world of B2B travel payments, changing how travel intermediaries monitor and manage payment flows.

Creating a Single Source of Truth

This partnership combines WEX鈥檚 virtual card issuing capabilities with actuary.aero鈥檚 intelligent data platform to deliver a single source of truth across the travel payments ecosystem. Using WEX鈥檚 global virtual card infrastructure, the collaboration connects and standardises fragmented data across multiple acquirers, creating a unified data-driven environment that helps empower agencies, acquirers and suppliers to make smarter, faster financial decisions. 

鈥淭ravel intermediaries are often looking to optimise their cash flow and gain greater visibility across payment flows,鈥� said Jason Hancock, Managing Director of Global Travel at WEX. 鈥淭hrough this partnership, we鈥檙e providing them with data-driven insights into fund movement and exposure. This can not only enable faster access to working capital, but also enhance decision-making, improve credit line oversight and strengthen overall risk management.鈥�

Connecting the Full Payment Journey

By connecting payment inflows and outflows through WEX鈥檚 virtual card infrastructure, the partnership enables earlier fund release, helping travel agencies shorten cash cycles, giving acquirers clearer visibility of exposure and portfolio performance, and providing suppliers greater assurance through improved risk management practices.

WEX鈥檚 issuing capability sits at the centre, supporting the travel agency鈥檚 acquirer set-up, optimising transaction routing, and helping to enable every participant in the ecosystem to benefit from smarter, faster decisions. This connected framework can enhance efficiency, visibility and confidence across the entire travel payments network.

For airlines, this greater transparency across agency risk and fund flow demonstrates how WEX鈥檚 virtual card solutions underpin safer, more scalable distribution models, enabling agencies to operate confidently as merchants of record.

鈥淭his collaboration is about more than just payments. It鈥檚 about connecting the entire ecosystem,鈥� said Livia Vit茅, CEO of . 鈥淭ogether with WEX, we鈥檙e bringing clarity to complex B2B flows and replacing guesswork with data-driven insight. That means agencies, acquirers, and suppliers can all manage risk more intelligently, optimise collateral, and grow with confidence.鈥�

A Smarter, More Resilient Future for Travel Payments

Together, 糖心Vlogand actuary.aero are working to redefine how B2B travel payments are monitored and managed, helping to create a smarter, more transparent, and resilient ecosystem where data, flexibility, and scale converge. From agencies and acquirers to suppliers and airlines, every stakeholder can benefit from clearer visibility, faster cash flow, and data-driven confidence, all powered by WEX鈥檚 expansive global issuing network.

Learn more about how 糖心Vlogis helping redefine the future of travel payments

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