- Major travel companies like Lufthansa and Invia adopt Monerium’s blockchain solution, streamlining costs and improving transaction efficiency.
- The partnership reduces traditional payment barriers, enabling real-time, Euro-denominated transactions through blockchain technology.
Monerium, an on-chain fiat provider, has partnered with Camino Network to enhance payment processes in the travel industry using blockchain technology. This collaboration aims to integrate Monerium’s EURe, the first on-chain Euro, with Camino Network’s infrastructure to facilitate seamless, Euro-denominated transactions for travel businesses.
The partnership also extends to Camino Messenger, a protocol used for distribution and sourcing in the global travel sector. Major travel entities such as Lufthansa Group, MTS, and Invia have already connected to this platform.
The initiative addresses several significant challenges faced by the travel industry, including high fees associated with international payments, lengthy settlement periods, and complex reconciliation processes. By utilizing Monerium’s on-chain Euro within Camino Network’s scalable framework, travel companies will be able to process payments more efficiently and at lower costs.
Monerium’s solution enables businesses to link off-chain IBAN accounts to web3 wallets, supporting programmable transfers while remaining compatible with traditional banking systems like SEPA. This integration allows for on-chain trade and settlement in Euros without the necessity of managing native blockchain tokens.
Payments are executed nearly instantaneously, are compliant with regulations, and are facilitated through smart contracts that streamline multi-party transactions.
Pablo Castillo, CEO of Chain4Travel (Camino Network lab), commented on the financial impact of this partnership:
“In an industry where a 1% EBIT is often seen as successful and payment transaction costs average 3%, reducing these expenses can significantly improve profit margins. By leveraging Monerium’s blockchain capabilities for payment on-ramping and settlement, we aim to substantially lower these costs and enhance profitability for travel businesses.”
Furthermore, the integration of Monerium’s API into Camino Network will improve user experiences by enabling seamless wallet top-ups and withdrawals through conventional bank transfers. This is expected to result in better pricing for consumers as businesses pass on the savings from the zero-fee payment infrastructure. Additionally, instant SEPA transfers will facilitate more efficient cross-border transactions for travelers.
Gísli Kristjánsson, co-founder and CEO of Monerium, stated:
“Integrating EURe into Camino Network underscores our commitment to bridging conventional finance with blockchain innovations. We are excited about this partnership with Camino Network, whose cutting-edge infrastructure is crucial for enabling smoother, faster, and more cost-effective payments in the travel industry.”
The implementation of Monerium’s EURe on Camino Network’s testnet is scheduled by the end of 2024, with a mainnet launch planned for January 2025. Pilot projects with key travel companies within the Camino ecosystem are currently underway.
- Learn more: https://monerium.com/
- Learn more: https://camino.network/
