Sabre has partnered with Mastercard to accelerate
the use of virtual cards for business-to-business (B2B) travel
payments.
The agreement builds on Sabre’s August
2022 acquisition of Conferma Pay, a fintech firm that specializes
in payment technology, and advances the company’s goal of creating an
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. 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 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.”
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 also 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.
As part of the agreement,
Mastercard has agreed to make an undisclosed minority investment in Conferma
Pay, subject to customary closing conditions, which will continue to operate independently.
“A combination of experience, technologies and capabilities will
accelerate travel payment innovation and drive inclusive and
sustainable growth for the sector,” said Chris Fendley, Executive
Vice President, Enterprise Partnerships at Mastercard. “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.”
