Sabre Corporation, a leading software and technology provider that powers the global travel industry, recently announced a new partnership with Mastercard to accelerate the use of virtual cards for B2B (business-to-business) travel payments.
The partnership follows Sabre’s August acquisition of Conferma Pay, a global fintech firm that specializes in payment technology.
According to Sabre, the collaboration with Mastercard, a global technology company in the payments industry, is the next step in advancing its goal to create an open and independent travel payment ecosystem.
“Digitization 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,” the companies said in a joint press release.
The single-use card numbers will make it easier for travel buyers and suppliers to track and reconcile payments, as well as benefit from flexible pricing, financing options, and enhanced security through card payment guarantees.
Sabre Travel Solutions Executive Vice President and Chief Commercial Officer Roshan Mendis said that its agreement with Mastercard offers “sophisticated solutions and seamless connections” to travel management companies, travel agencies, corporations, issuers and technology partners.
“Sabre is taking strategic steps to fulfill 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,” Mendis added.
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. Mastercard’s investment in Conferma Pay is subject to customary closing conditions.
Conferma Pay connects issuers to more than 700 travel management companies, all the major global distribution systems (GDS) and more than 100 online booking tools. It 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.
Sabre’s Virtual Payments will continue to offer Conferma Pay services – with increased capabilities that help travel buyers, agencies and corporations best support travel customer needs.
“Virtual cards deliver visibility, boost liquidity and increase control over B2B payment flows, which enhance payment strategies and empower organizations across the travel value chain to run, grow and protect their business, which has never been more essential,” said Mastercard Executive Vice President of Enterprise Partnerships Chris Fendley.