End-to-end solution improves cash flow forecasting for Traveloka
Published: Feb 2025
Best Cash Flow Forecasting Solution
Highly Commended Winner
PT Trinusa Travelindo (Traveloka)
Photo of Yong Song Rui, Askar Reza Karsidi and Christofer Rusli, PT Trinusa Travelindo (Traveloka).
Askar Reza Karsidi
Group Treasury Manager
Traveloka is South-East Asia’s leading travel platform, empowering consumers to explore, book, and enjoy a wide range of travel products. The platform offers extensive transportation options, including flights, buses, trains, car rentals, and airport transfers. Traveloka’s accommodation offerings are equally broad, encompassing hotels, apartments, guest houses, homestays, resorts, and villas. Additionally, the platform enhances the travel experience by offering cruise packages and access to various local attractions, such as theme parks, museums, day tours, and more.
Founded in Indonesia in 2012, Traveloka has expanded its operations to Thailand, Vietnam, Singapore, Malaysia, the Philippines, and Australia. The company is committed to providing exceptional customer service with 24/7 support available in local languages and acceptance of over 40 payment methods. With nearly 140 million app downloads and nearly 50 million monthly active users, Traveloka stands as one of the most popular travel apps in the region. For more information, please visit Traveloka.
The challenge
Traveloka, South-East Asia’s leading travel platform, with over >127 million downloads, allows consumers to access, discover and purchase a range of travel, local services and financial services. This includes flights, ground transportation, tours and insurance. Traveloka offers 24/7 customer service in local languages and supports over 30 local payment methods.
The company’s rapid growth required managing tens of millions of local collections and payments daily, across multiple countries, each with unique regulatory and operational requirements. Handling various local currencies, ensuring timely payments to over 50,000+ suppliers, including hundreds of airlines, 50,000+ hotels and hundreds of tour operators globally, and efficiently processing refunds added to the complexity. Additionally, managing hundreds of bank accounts in 20+ banks and countries necessitated an efficient system be put in place.
These challenges highlighted the need for a sophisticated, centralised treasury management system to prevent inefficiencies that could harm supplier relationships and customer satisfaction.
The solution
Traveloka partnered with Citi to implement a comprehensive end-to-end collection and payment solution in Indonesia, Singapore, the Philippines, Malaysia, Thailand and Vietnam. The system is specifically designed to efficiently manage thousands of collections payments daily, with the capability of handling spikes during peak seasons. The solution enables Traveloka to collect funds locally in each country, consolidate them in Singapore, and then disburse them locally as needed.
The project was meticulously planned and executed to ensure a smooth transition to the new system while maintaining business continuity. The solution involves integrating advanced technologies, including APIs and host-to-host (H2H) connectivity, with Traveloka’s TMS, Kyriba. This integration provides real-time cash visibility and control, centralising the management of collections and payments through a single hub. The centralised system enables Traveloka to ensure prompt payments to suppliers, improving operational efficiency by 90%. Enhanced relationships with key stakeholders increase confidence in payment success. Additionally, the system facilitates efficient processing of refunds, ensuring prompt responses to customers and maintaining high levels of customer satisfaction.
Best practice and innovation
Traveloka’s transformation exemplifies best practices through its innovative use of technology and strategic integration. By leveraging APIs and H2H connectivity with Citi, Traveloka has not only enhanced real-time cash visibility but also streamlined operations across diverse markets. The adoption of a centralised treasury management system represents best practices in global treasury management by consolidating collections and payments into a single, efficient workflow. This approach eliminates the fragmentation of financial processes and mitigates operational risks.
In terms of innovation, Traveloka has also adopted the bank’s PayerID tool, which facilitates efficient reconciliation of commission payments from hotel partners. This has enabled Traveloka to automate A/R reconciliation and allocate resources on other areas of finance and treasury.
Additionally, the system’s scalability ensures that as Traveloka expands geographically, its treasury operations remain agile and responsive. This blend of advanced technology, strategic planning, and adaptability demonstrates Traveloka’s proactive approach to overcoming challenges and optimising financial management practices.
Key benefits
Cost savings.
Headcount savings.
Process efficiency.
Return on investment (ROI).
Increased automation.
Risk mitigated.
Improved visibility.
Errors reduced.
Number of banking partners/bank accounts reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Improved key performance indicator (KPI) metrics.
“Real-time cash visibility and improved forecasting accuracy have enabled us to manage liquidity more effectively. The optimisation of cash reserves allows us to plan liquidity strategically and identify idle funds. These funds, centralised in holding, can be invested in various vehicles, generating additional interest income. With ambitious plans to expand into other key markets in the region within the next few years, our solution is designed for scalability. Its adaptable nature allows us to easily expand our connectivity to include more countries and accounts as needed,” says Askar Reza Karsidi, Group Treasury Manager.
The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. The 2024 awards attracted 406 nominations. To find out more please visit treasurytoday.com/adam-smith-awards-asia
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