Voxel Acquires Troovo to Power Its B2B Payments Business
Voxel, a leading e-invoicing and B2B payments specialist in the travel industry, has acquired Australian startup Troovo in order to enrich and consolidate its B2B payment solutions. Voxel will integrate Troovo's technology, winner of the 2018 Business Travel Innovator award, into baVel Pay's payment platform.
With this acquisition, baVel Pay incorporates two new key functionalities: connectivity with GDSs and a powerful decision engine, developed and patented by Troovo, which aims to optimise the management of electronic means of payment and eliminate all sources of friction in B2B payments derived from the current cumbersome and error-prone manual procedures.
RPA for B2B payments
Companies that manage their B2B payments through baVelPay can now leverage an optimized, completely automated process via Robotic Process Automation (RPA). Thanks to the technology incorporated, a frictionless process is achievable enable better business outcomes.
baVel Pay will be able to orchestrate an end-to-end process: from retrieving the booking from a GDS or Channel Manager, choosing and generating the optimal payment method for that booking and taking out exchange rate insurance that mitigate exposure from exchange rate fluctuations; to distributing the payment directly to the hotel, obtaining and reconciling the electronic invoice, settling the payment and finally sending a reconciliation report to both the payer and the payee. Fully digital end-to-end business process execution without any manual intervention and therefore frictionless.
Voxel now offers a full, robust range of solutions through its baVel and baVel Pay platforms, capable of automating the end-to-end eBilling and payment cycle and completely digitising the processes of AP and AR teams.
The deal consolidates Voxel's commitment to B2B payments and extends the capabilities of baVel Pay's Payment Manager, the first and only Payment Manager on the market to implement the technical specifications and standards of the Open Payment Alliance established by HEDNA and HTNG.
Future prospects
Voxel will maintain Troovo's offices and team in Australia (Sydney and Melbourne) with the aim of expanding its business in the Asia Pacific region. It will also continue to serve the Australian startup's entire client portfolio, which includes leading companies such as Webbeds, FlightCenter and QBT, via integration into the baVel network.
Following this acquisition, baVel Pay expects to process around 6 million transactions, worth 2.4 billion euros, by 2022 and to increase this figure tenfold over the next five years.
In the words of Xavier Ginesta, Chairman at Voxel, "we have taken advantage of the pandemic to spend quality time thinking strategically and investing in technological innovation in order to emerge stronger from the crisis. The acquisition of Troovo, its technology and its patent are the spearhead of a strategic plan that not only makes baVel Pay's Payment Manager the most powerful B2B payment platform in the travel industry, but also one of the most complete in the market in general".
DWF-RCD, the leading law firm in comprehensive legal advice and in innovation and entrepreneurship, has accompanied Voxel in this international operation.