Conferma Pay has announced a new partnership with Mastercard to accelerate the use of virtual cards for business-to-business (B2B) travel payments.
The announcement builds on the acquisition of the global fintech firm by Sabre earlier this year.
The collaboration with Mastercard is the next step in advancing an open and independent travel payment ecosystem.
Digitisation of travel payments with virtual cards helps address the historic challenges associated with B2B leisure and corporate travel payments.
The securely generated, single use card numbers provide a link between booking and associated payments to third party suppliers.
Travel buyers and suppliers are therefore able to easily track and reconcile payments, as well as benefit from flexible pricing, financing options, and enhanced security through card payment guarantees.
“The payments industry is in the midst of a revolution and there is an increased need for travel companies to better manage the whole payment experience,” said Roshan Mendis, executive vice president and chief commercial officer, Sabre Travel Solutions.
“Companies in the travel space – including travel management companies, travel agencies, corporations, issuers and technology partners – need sophisticated solutions and seamless connections.
“Sabre is taking strategic steps to fulfil the needs of our industry, beginning with the acquisition of Conferma Pay.
“Now, the new partnership with Mastercard will help Conferma Pay to build new and enhanced digital capabilities in virtual cards, transforming the payment experience for issuers.”
As part of the agreement, Mastercard has agreed to make a minority investment in Conferma Pay, which will continue to operate independently and serve the entire travel industry and beyond.
The investment is subject to customary closing conditions.
Conferma Pay connects issuers to more than 700 travel management companies, all the major global distribution systems and more than 100 online booking tools.
Conferma Pay is fully integrated with all the major card schemes and serves more than 50 banking partners, who issue Conferma Pay generated virtual cards in nearly 100 currencies.
“We’ve already made significant inroads in the B2B travel space through partnering with Sabre,” said Martin Cowley, interim chief executive at Conferma Pay.
“We are excited about the new investments.
“This, combined with our existing strong relationships, will enable Conferma Pay to build on our global footprint and be at the forefront of addressing industry challenges and opportunities.”