Katanox secures FCA authorisation to offer payment services in the UK
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This approval extends the company's coverage beyond the European Economic Area (EEA), where it already has a PSD2 license.
With Katanox, hotels and both leisure and corporate travel agencies can transition away from costly, insecure, and error-prone bookings and transactions executed with virtual credit cards (VCCs) to automated bank payouts, eliminating the need for additional integrations.
The Katanox Platform streamlines processes and drives growth in the travel industry by consolidating payments, reconciliation, direct contracting, connectivity, and rate integration into a single platform. This provides more efficient workflows, faster payouts, control, and transparency.
Fragmentation remains a significant challenge in the hospitality industry. According to a study conducted by Adyen, 31% of hotels reported that reconciliation and associated administrative work were hindering their business ambitions. On average, five employees support reconciliation, with each spending approximately 7 hours per week on this task. Katanox's unified platform addresses these inefficiencies directly, freeing teams to focus on delivering better service.
Hospitality companies face challenges managing multiple integrations and datasets across various business functions. Katanox simplifies these complexities by consolidating numerous functions into a single, streamlined approach.
Failed payments also contribute to guest friction. Poppink TRVL Projects states that up to 25% of all VCC transactions fail during the check-in process. Katanox reduces this failure rate and enhances the customer experience by improving payment acceptance through direct bank processing.
Katanox removes technical and financial barriers in B2B operations and guest-facing transactions, making travel more seamless for suppliers, buyers, and travelers.
'The UK is a strategic market for travel, and we're delighted that this FCA license enables us to provide our hospitality partners in the region with desperately needed trusted and regulated financial infrastructure,' said Paul Beukers, Katanox CCO and Co-founder. 'This is a crucial step in reducing the operational fragmentation that holds the industry back.
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