There are countless reasons why Iceland should be on your bucket list: it's a country of stunning landscapes, the aurora borealis, glaciers, waterfalls and geysers. Indeed, tourism has in recent years become one of the main pillars of the Icelandic economy. As the country’s flag carrier, Icelandair plays a huge role in opening up the island nation to the world. The airline offers flights to, from, via and within Iceland.
Customer needs
- Tailored arrangements for currency conversion and settlement
- Secure systems to meet airlines' compliance requirements
- Trusted payments expert within the airlines industry, flexibility and support through good times and bad
- Quality data for reporting, reconciliation and growth strategy
Elavon solutions
- Multi-Currency Conversion
- Top-level security and compliance services
- Dedicated airlines team that knows the industry inside and out
- Deep-sector expertise with over 35 years’ experience with airlines
- A resilient and robust global reach
- Elavon Connect
The results
- We're Icelandair's largest and most important acquirer
- We funnel all sales into US dollars, Icelandair's functional currency
- Dedicated airlines team with the expertise to guide through any economic uncertainties
- Strong, reliable, long-term partnership for future growth into new markets
The airline operates out of Keflavík in Iceland and makes use of the country's geographical location, midway between North America and Europe, to build an ever-growing network of international routes, with Iceland as a hub. The airline is a part of Icelandair Group.
“We’re the flag carrier of Iceland and Icelandair has been around for many years – the company traces its roots back to 1937,” says Bogi Nils Bogason, CEO of Icelandair. “Tourism is the largest export industry in Iceland and we can say that we’re the driving force behind the Icelandic tourism industry.”
Icelandair operates a hub-and-spoke business model, where the hub is in Keflavík Airport. From there, it connects the two continents of Europe and North America, as well as flying domestically within Iceland and to destinations in Greenland.
A partnership in all weathers
“Elavon knows the business and the airline industry inside and out. Having a counterparty like Elavon, and the Elavon team with us, is a great experience,” he continues. “They have the know-how about the industry, about us, our business model, our needs and challenges, and the seasonality in our business.”
“Elavon is the largest and most important acquirer for us, handling a very substantial portion of our international sales and web sales, particularly the US, but also the Scandi and European currencies,” says Sigrun Hjartardottir, the airline’s director of treasury and risk. “Elavon takes care of funneling a large part of that into US dollars, which is our functional currency. So it just makes life that much simpler.”
Hjartardottir had been on the job for four says when the pandemic suddenly and seriously affected Icelandair, with the closure of the United States borders. “So we reached out to all our trusted partners, of which Elavon is one of the largest, and came up with a plan,” she explains.
“I found that the Elavon team was, first of all, just responsive. They were easy to get to and they had that solution attitude, where we’re in this together. It matters that they have the backing of a large bank and that they’re made of stern stuff – as we are.
“So, I would have every confidence that we would be able to weather another storm like this,” says Sigrun.
Powering Icelandair expansion
“Elavon has been with us in the good and the bad times and was very supportive during the pandemic – and was a very important partner through the restructuring. And now we’re in a stronger position,” says Bogi Nils. “We believe in a strong and long-term relationship and that is what we see with Elavon going forward.”
Sigrun is looking forward to a bright future with Icelandair. “We’ve a multitude of opportunities that we're looking into or cultivating, such as opening new markets,” she confirms.
“What we need for that to be realised is a reliable partner such as Elavon, which can offer us a global reach and can work with us to expand the payment ecosystem we can offer our customers.”
Key features
- Dedicated airlines team
- True partnership with airlines to help grow the business
- Airline payments experts for over 35 years
- Backed by the strength and stability of U.S. Bank
- Fast, easy integration
- Global acquirer for over 100 airlines
- Tailored settlement and currency conversion arrangements
- In-depth understanding of security and compliance requirements
Elavon understands the airline industry’s unique challenges and the need for a speedy, efficient payments system that meets the highest levels of security and compliance requirements. Learn more about how our payments solutions are ideal for airlines.
15 March 2023
Helping thousands of customers around the world grow their business through payments
Customer service and support
We’re here to help!
Customer service: 0345 850 0195
8am to 6pm, Monday to Friday
Opayo product support: 0191 313 0299
24 hours a day, 365 days a year
Copyright© | U.S. Bank Europe DAC. Registered in Ireland with Companies Registration Office. The liability of the member is limited. United Kingdom branch registered in England and Wales under the number BR022122.
U.S. Bank Europe DAC, trading as Elavon Merchant Services, is a credit institution authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
Helping thousands of customers around the world grow their business through payments
Customer service and support
We’re here to help!
Customer service: 0345 850 0195
8am to 6pm, Monday to Friday
Opayo product support: 0191 313 0299
24 hours a day, 365 days a year
Copyright© | U.S. Bank Europe DAC. Registered in Ireland with Companies Registration Office. The liability of the member is limited. United Kingdom branch registered in England and Wales under the number BR022122.
U.S. Bank Europe DAC, trading as Elavon Merchant Services, is a credit institution authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
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