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Bangkok, Thailand – 11 March 2014 – CyberSource, a Visa Inc. company (NYSE: V), and one of the world’s largest providers of eCommerce payment management services, today announced a strategic partnership with one of Asia’s top hospitality groups, ONYX Hospitality Group. This agreement will allow ONYX to extend its customer reach globally by offering secure online payment services to its guests across all its hospitality brands.
Through this partnership, ONYX will be able to leverage CyberSource’s global payment gateway services to process online payments for various card types from multiple issuers. To further refine and enhance its automated fraud screening and case management services, ONYX will also utilize CyberSource’s fraud management tool, Decision Manager.
Southeast Asia’s online travel booking sector is expected to form 14 percent of the total Asia Pacific online travel market in 2015, an increase from 12 percent, or US$9.3 billion, in 20121. Increased Internet access through smartphones and tablets, as well as improvements in telecom infrastructure2 has resulted in the growth of online travel bookings, as more travelers step away from traditional booking methods and purchase travel bookings online due to its convenience.
The mode of travel payments is fast moving into the digital space, and according to a recent report, airlines in Asia Pacific saw the highest rate of revenue loss from transactions processed on their own websites due to online fraud3. Hence, hospitality companies that proactively safeguard their interests by keeping fraud under control will have a competitive advantage in the global online travel market.
1 PhoCusWright’s Asia Pacific Online Travel Overview Sixth Edition: Special Report for ITB Asia, 2013
2 PhoCusWright’s Asia Pacific Online Travel Overview Sixth Edition: Special Report for ITB Asia, 2013
3 CyberSource Airline Fraud Report, 2011 Edition
“ONYX operates four diverse hospitality brands, each catering to the distinctive requirements of today’s business and leisure travelers. With the burgeoning growth in the online travel industry, securely accepting online payments from different card types and regions is the key to success in this industry. We have complete trust in CyberSource’s global expertise and are excited to further enhance the security of our systems, while ensuring the best customer experience,” said Chetan Patel, Vice President, Strategic Marketing & eCommerce, ONYX Hospitality Group.
CyberSource Decision Manager, which features the World’s Largest Fraud Detection Radar, will allow ONYX to pinpoint fraud faster, more accurately and with less manual intervention. This is achieved by screening inbound orders against data and correlations from more than 60 billion transactions processed by Visa and CyberSource annually. The transaction data is supplemented by 260 validation and correlation tests, which enable the solution to effectively expand the depth and breadth of visibility in transaction patterns.
“CyberSource sees immense growth and potential in the online travel industry and is proud to work with the ONYX Hospitality Group to further enhance the experience for its customers. We are working with the ONYX group to implement a global payment gateway solution, supplemented with CyberSource Decision Manager, enhancing the fraud screening process while maintaining high levels of security for ONYX customers,” said Chew Ann Wee, Regional Director, Southeast Asia, CyberSource.
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
ONYX Hospitality Group operates four diverse yet complementary brands - Saffron, Amari, Shama and OZO - each catering to the distinctive requirements of today's business and leisure travellers. ONYX reaches beyond its Thai roots to offer innovative management solutions across the Indian Ocean, Arabian Gulf and Asia-Pacific regions. Visit http://www.onyx-hospitality.com/.