Yapta today announced the launch of FareIQ, the corporate travel industry’s only independent airfare price tracking solution. For the last several months, Yapta has been developing in cooperation with early beta partners, an airfare price tracking solution designed specifically to engage with any back-end corporate travel environment. The launch of FareIQ marks the start of a formal pilot program with early corporate adopters that will enable enterprises to capture savings when their corporate airfares drop in price.
“FareIQ was built on more than five years of knowledge and expertise tracking airfares for consumers and successfully identifying millions in potential savings,” said Ken Myer, President and CEO of Yapta. “Based on our intimate understanding of airfare prices, we’re confident we can deliver savings to enterprises of any size. We’re looking forward to serving our early pilot customers– and helping them realize airfare savings that are typically missed.”
FareIQ’s patent-pending technology provides in-depth analysis and insights on corporate airfares, spotlighting opportunities to save as market prices shift on a daily basis. Prior to officially launching its pilot program, FareIQ tested its technology in a six-month beta study that revealed $2.8 million in savings on a sample of 100,000 business itineraries.
FareIQ’s pilot program will encompass a partnership with several large travel management companies (TMCs) and their clients including CorpTrav Management Group, a global travel management company widely recognized for providing its clients with innovative and cutting-edge technology solutions.
“We’re constantly looking at innovative technologies that make our clients’ travel programs more cost efficient, and our partnership with FareIQ is a natural continuation of these efforts,” said Lisa Donovan Berry, Senior Vice President of Sales & Marketing for CorpTrav Management Group. “As importantly for our customers, FareIQ can deliver the savings for CorpTrav clients without impacting the traveler’s itinerary. Since FareIQ looks for savings based on identical itineraries – travelers maintain the same carrier, travel dates, departure times, and other preferences.”
“Agencies are embracing the technology because airfare tracking is a perfect complement to the types of services they already provide for their clients,” Myer said. “Our technology finds lower prices, their clients re-book to save money, and the agency strengthens the value of its services. It’s truly a win-win scenario for everyone.”