Visa has collaborated with travel industry technology provider Sabre to enable business-to-business (B2B) virtual card payments in the travel industry.
The alliance will allow travel buyers and suppliers to pay and also receive payments using virtual Visa commercial cards via the Sabre Virtual Payments solution.
Sabre’s electronic payment solution features multi-bank, multi-card, credit and prepaid accounts, which allows customers to choose most appropriate payment option for most favourable payment terms.
Moreover, the companies’ mutual customers will have access to Visa’s virtual B2B payment solutions, which facilitates quick payments and more visibility into individual transactions.
Visa Business Solutions global head Kevin Phalen said: “Supporting the expansion of electronic B2B payments in the travel industry is one of our core focus areas.
“By bringing together Visa and Sabre’s travel-industry capabilities and solutions, we will help further streamline cash flow and overall finance management practices for suppliers and buyers, helping remove barriers to transparency in business payments created by paper-based processes.”
Sabre Travel Network president Wade Jones noted that the partnership could boost the use of B2B virtual payments in the travel industry.
Jones added: “Sabre’s investment in virtual payments and its integration into existing agency processes makes it quick and easy for our customers to adopt and use.”