Online Travel Agencies
Online Travel Agents (OTAs) allow customers to book airline tickets, car rentals, hotel rooms and more through an easy to use online interface.
OTAs are particularly exposed to FX risk in their commercial transactions and a LockFX integration with Airwallex can help to eliminate parts of the risk they face.
- A hotel in Hong Kong publishes room availability on the OTA platform along with a cost in HKD.
- A consumer visits the Singapore-based website for the OTA and is browsing hotels to stay in Hong Kong.
- The OTA system requests a 1 hour validity, single use, SGDHKD quote from the Airwallex API.
- Airwallex generates a quote and returns it alongside a quote ID in the API response.
- The OTA system uses this quote to calculate the SGD equivalent for the hotels in HKD and displays on the website - the system will also need to store the quote in the event the consumer makes a purchase.
- The consumer selects, and pays for the hotel in Hong Kong based on the SGD price they were viewing on the website.
- The OTA system sends a request to the Airwallex API to convert the SGD to HKD at the quoted rate.