Mountain View, California / Cologne / Potsdam, Germany – Traxpay, a pioneer in business-to-business (B2B) real-time financial transactions, today announces customer adoption by flightright GmbH, to speed the settlement of compensation claims for passengers whose flights were cancelled, delayed or overbooked. With more than 2,500 transactions per month, flightright has selected Traxpay’s unique 24/7, real-time, financial transactions platform to streamline processes and settle claims faster and more efficiently.
flightright GmbH specializes in the settlement of compensation claims arising from the EU Air Passenger Rights Regulation 261/2004 which details the entitlements of air passengers in the event of denied boarding, flight cancellations or long delays. With profound legal expertise and experience in securing compensation for both business and leisure travelers, the company boasts an over 95% success rate for all cases brought to court. Due to the complex nature of compensation claims against airlines and overall number of transactions resulting, flightright had a unique set of requirements in seeking a partner to help them streamline processes and provide their customers with higher service levels. These included seamless integration into existing IT-systems and business processes, transparency, flexibility, as well as fast and cost-efficient transactions.
“With over 80,000 inquiries on our platform to date, the services we provide require an enormous accounting effort and generate a huge number of financial transactions annually,” said Marcus Schmitt, CEO of flightright GmbH. “With Traxpay we have found a partner who offers real-time transactions and seamless integration into our systems that also integrates the rich data component that is critical to our business. Moreover, we are able to redesign our workflows in a much more efficient way due to their completely new and intelligent solutions which traditional financial institutions have never before provided. We also look forward to expanding our commitment with Traxpay in the future for our international rollout and the extension of our product portfolio into other industries.”
Traxpay offers the industry’s first and only real-time B2B financial transactions platform capable of executing payments instantly from anywhere and at any time – including evenings, weekends, and holidays. Integrated communication and collaboration functionality combined with the ability to attach essential information directly to the transaction helps businesses save time and money through streamlined processes including faster reconciliation, more flexibility and better cash management. All funds are available to the client and the client only, unlike financial institutions who generally work with their customers’ cash reserves, and they are more secure and vigorously protected than they would be with any bank.
“flightright’s ultra-innovative business model and high transaction volume calls for an extremely efficient way to handle multi-party complex financial transactions, especially in light of their international expansion plans,” said Traxpay CEO, John Bruggeman. “With Traxpay, they are able to collaborate with all parties involved in a claim, and they can attached critical pieces of information such as court documents or airline data directly to the applicable transaction to streamline not only cash but communications flows. Once the court has decided in a clients’ favor, funds can be accessed instantly, without delay, which provides a positive impact on customer satisfaction.”
Traxpay provides the world’s first and only B2B financial transactions platform capable of executing payments and final settlement in real-time, anytime, anywhere, and with complete safety and security. Traxpay customers include digital marketplaces, corporations, and settlement networks who value the security, speed, and savings the platform, and its many features, provide. Traxpay solutions were built to address the needs of modern B2B commerce and accelerate business across the supply chain. The company is privately held and is headquartered in Mountain View, California, with operations in Frankfurt and Cologne, Germany.
Flightright, (www.flightright.de) the consumer portal for air passenger rights, was launched in the spring of 2010. In using the portal provided by flightright, air passengers may seek financial compensation for delayed or cancelled flights. flightright refers to Regulation (EC) No 261/2004, under which air passengers affected by cancelled or delayed flights are entitled to compensation by the airline. With flightright Scandinavia (www.flightright.se) and (www.flightright.com), the German Startup has already been expanding internationally.
Traxpay Media Contact:
Sandra Iris Eilenstein
ITPR Information-Travels Public Relations
T. +49 (89) 89 86 87 20
flightright Press & Media Relations:
T. +49 (331) 981 690 44