RIAD Corporation, a South Korean travel startup specializing in B2B trade, has launched a new AI-powered trading platform called RIA, aimed at automating the coordination of group bookings between hotels and travel agents.

The new platform allows business clients to save time when handling group bookings, streamlining the process from days of back-and-forth communication to just minutes.

“Traditionally, the group booking process relied heavily on analogue methods such as emails, phone calls and even faxes -- often leading to delays, missed information and inefficiencies,” the firm said in a statement. “RIA transforms this traditional approach by offering a seamless, automated system that matches hotels to travel agents' specific booking requirements with precision.”

Once a customer makes a request to a travel agent, a request for a quotation is automatically sent to appropriate hotels, cutting down the time spent on negotiations and confirmations, it said.

A key feature of the platform is the “Smart Hotel Finder,” which enables travel agents to search group prices for hotels worldwide. By analyzing millions of travel data, RIA can forecast accurate group rates that meet their requirements.

The company said it plans to expand RIA’s offerings to include additional group travel services, such as flights, tours, guides and activities.

“The travel industry is bouncing back post-pandemic and travel agencies are seeing renewed demand, but many processes remain outdated,” said Mike Lee, CEO of RIAD. “We are committed to advancing AI technologies to provide innovative solutions that will continue reshaping the industry.”