Business
Sabre, Conferma Pay and Mastercard Join Forces to Power the Travel Economy with Virtual Cards
SOUTHLAKE, Texas and MANCHESTER, England, Nov. 28, 2022 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) a leading software and technology provider that
About this update from Sabre Corporation
[{"type":"text","content":"SOUTHLAKE, Texas and MANCHESTER, England, Nov. 28, 2022 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) a leading software and technology provider that powers the global travel industry, and Conferma Pay, a global fintech firm that specializes in payment technology, today announced a new partnership with Mastercard to accelerate the use of virtual cards for business-to-business (B2B) travel payments.\nToday's announcement builds on Sabre's August 2022 acquisition of Conferma Pay. The collaboration with Mastercard is the next step in advancing Sabre's goal to create an open and independent travel payment ecosystem.\nDigitization 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.\n\"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.\"\nAs 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.\n\"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 Master...