30 | Wealth & Finance FinTech Awards 2024 Best Hospitality FinTech Platform 2024 Founded by Faisal Memon over 25 years ago, iOL has established itself as a highly reputable technology firm in the travel and hospitality space, known for its deep understanding of the industry’s complexities and its ability to create highly specialised solutions that address major challenges. iOL has been instrumental in introducing new ways of working through technology, allowing hotels and travel companies to focus on enhancing the guest experience and delivering exceptional value. Among iOL’s innovative solutions, iOL Pay stands out as a game-changer in hospitality fintech. Designed to simplify and automate payment processes, iOL Pay addresses critical pain points that have long plagued the industry. By eliminating the need for manual payment processing, the platform saves significant time and resources for hotel staff while drastically reducing the risk of errors. The complexity of payment processing has long been a burden on the hospitality industry. With iOL Pay, we’ve removed that burden, allowing hotels to operate more efficiently and securely while offering guests more choice and convenience. Faisal Memon, Founder & CEO iOL A major challenge iOL Pay tackles is fraudulent bookings. The platform provides hotels with a secure, PCI-compliant environment for processing payments, offering robust protection against cyber threats. By automatically validating and tokenizing guest card details, iOL Pay ensures that payments are securely processed and fraudulent transactions are eliminated before they can impact the business. iOL Pay also addresses the financial burden associated with international transactions. High forex and merchant fees have long been a point of contention between hotels and guests. iOL Pay alleviates this issue by enabling transactions in the guest’s native currency and offering over 25 different payment methods, including Apple Pay, AliPay, WeChatPay, and Google Pay. This flexibility enhances guest satisfaction and removes financial barriers, fostering a more seamless transaction process. Another standout feature of iOL Pay is its ability to unify fragmented payment processes across a hotel’s entire portfolio. By integrating seamlessly with Central Reservation Systems (CRS) and posting back to Property Management Systems (PMS), iOL Pay automates and synchronizes payment data across all back-end systems, eliminating repeat work and creating a scalable infrastructure that supports hotel growth without payment bottlenecks. Furthermore, iOL Pay automates guest communications, sending out secure payment links and managing all interactions in the guest’s native language. “Our commitment to innovation drives us to continuously push the boundaries of what’s possible. The future of iOL Pay is about expanding our capabilities, working with more partners, PMS providers, and financial institutions to enhance our reach” Faisal continues. Looking ahead, iOL is committed to continually enhancing iOL Pay with an exciting product roadmap. The company is working with more hospitality platforms to expand its capabilities and plans to launch additional solutions in the data and analytics space, pushing the boundaries of hospitality technology even further. “Our goal is to make sure our technology makes things simpler whilst continuing to set new standards. This is what our clients have come to expect from us, and it’s a challenge we embrace wholeheartedly,” adds Faisal. The benefits of iOL Pay are extensive. By harmonizing disparate systems, it saves time, resources, and money, while providing accurate forecasting and better decisionmaking capabilities. It makes it easier for all stakeholders to manage payments, promote geographic inclusion, enhance brand loyalty, and increase guests’ propensity to spend during their stay. Moreover, iOL Pay ensures global compliance with the highest industry standards, making it a vital tool for any hotel looking to simplify payment processes and reduce complexity. In a world where technology often complicates more than it simplifies, iOL remains committed to making things straightforward, allowing hotels and travel companies to focus on delivering exceptional guest experiences. Contact: Arjun Ravrani – VP, Marketing & Communications Company: iOL Web Address: https://www.iol.world Jul24309 iOL, a technology company dedicated to powering simplicity in the travel and hospitality industry, creates and delivers disruptive solutions that streamline processes and cut complexity. iOL Pay, the company’s innovative FinTech solution, simplifies and automates manual payment processing while reducing exorbitant forex and bank fees for both hotels and guests alike. We spoke with Faisal Memon, Founder & CEO, as iOL Pay earned its title as Best Hospitality FinTech Platform 2024. “ ”
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