A staggering 96% of European travel leaders believe their current payment processing systems fall short, according to the latest research by embedded payments leader, Modulr. These inefficiencies are costing companies excessive fees and valuable time, with nearly half (44%) losing over 1.5 hours per week per employee – with larger organisations reporting losses often exceeding two hours weekly.While consumer travel payments have been rapidly transformed by rapid growth in mobile wallet adoption, introduction of Open Banking at checkout and other innovations, business-to-business (B2B) payments continue to be severely held back by outdated, broken, and fragmented system and infrastructure.Consequently, 97% of respondents are sure their business is wasting resource due to inefficiencies or limitations in payment processing, with 91% not seeing clear growth opportunities with current payment processing methods.These persistent inefficiencies have tangible consequences for travel businesses:Nearly one-third (28%) report losing customers or facing increased exposure to fraud as a direct result.More than a quarter (27%) believe avoidable fees and restricted market access further constrain growth opportunities.This is exacerbated by widespread concerns about disruption, including competitive pressure, technological advancements, regulatory changes, fraud risks, and rising costs. In each of these areas, over 90% of respondents express concern, with nearly 40% describing their concerns as extreme.“Access to efficient payment services for travel businesses is fundamental to continued growth in the sector,” comments Jakub Zmuda, Director of Strategy at Modulr. “Our research shows a sector caught in a perfect storm of manual processes, rising fraud risks, and growing customer expectations – all while battling to stay competitive in a rapidly evolving marketplace. This isn’t just about regaining the hours lost to inefficiencies; it’s about rethinking payment strategies to foster critical partnerships, streamline costly operations, and unlock the potential for growth and resilience in a hugely competitive global market.”Geographic disparities also emerge in the research. The manual reconciliation issue is most acute in the UK, where 60% of travel companies report spending between 21-30 hours each week – nearly double the time spent in France (34%)

The role of accountants is being redefined, as UK businesses demand advanced financial guidance rather than just traditional bookkeeping. According to new research launched today from embedded payment leader, Modulr, investment and business strategy advice (75%), forecasting (73%) and accounts payable/receivable (66%), are now top priorities – signalling a dramatic evolution in client expectations.Yet rising expectations are being undermined by persistent inefficiencies in business payments, consuming valuable time and resources within businesses and accounting practices. These inefficiencies not only limit productivity but also hinder businesses’ ability to adapt to increasing regulatory complexity and the demands of globalised economy.A staggering 46% of respondents report spending over three hours each week on tasks like reconciling accounts and tracking compliance with regulatory requirements. Additionally, nearly half are burdened by manual data entry (45%), client communications about payment statuses (46%), and managing payments to HMRC (46%). This reliance on manual processes and fragmented systems creates avoidable delays, errors, and compliance risks, putting accountants’ at reputational risk.Jakub Zmuda, Director of Strategy at Modulr, comments; “It’s clear that the role of the accountant has, and still is, undergoing a transformation. What clients are asking for now is a far cry from their needs ten years ago