Travelport, a technology company, together with IBM and travel management company BCD Travel, are jointly developing a blockchain solution to enhance the process of reconciliation of hotel commissions. Travelport and IBM Develop Blockchain Solution
The purpose of this blockchain technology solution is to optimize the processing of hotel commissions on a distributed ledger by managing reconciliation, tracking, and accounting for commission payments owed to booking agents on behalf of hotel chains.
In 2018, Travelport processed more than $83 billion of travel expenses over $2.4 billion in net revenue.
“Traveler modifications at the property, no shows, and complimentary room nights are just a few examples that drive commission discrepancies which in turn generate escalations, cost, and revenue loss,” said Ross Vinograd, Travelport’s Senior Product Director.
Travelport and IBM Develop Blockchain Solution. Blockchain tech ensures that payments are faster and more accurate than the current manual method.
Kurt Wedgwood, IBM Blockchain Leader added:
“Global distribution companies and providers would benefit from this use of blockchain technology to remove their never-ending work of reconciliation to spend that time adding new experiences and insights for the traveler.”
The hotel commission reconciliation solution was unveiled on August 6 at the GBTA Convention in Chicago.