Sabre and Conferma Pay Announce Partnership With Mastercard
Deal aims to accelerate use of virtual cards for B2B payments >>
by: Harvey Chipkin
Sabre Corporation and Conferma Pay, a global fintech firm that specializes in payment technology, announced a new partnership with Mastercard to accelerate the use of virtual cards for business-to-business (B2B) travel payments. The arrangement, according to an 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.
Roshan Mendis, chief commercial officer for Sabre Travel Solutions, said 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. He said companies in the travel space – including travel management companies, travel agencies, corporations, issuers and technology partners – need sophisticated solutions and seamless connections. Sabre, he said, is taking strategic steps to fulfill the needs of the industry, beginning with the acquisition of Conferma Pay. Now, the new partnership with Mastercard, said Mendis, “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. Mastercard’s investment in Conferma Pay is subject to customary closing conditions.
Chris Fendley, executive vice president, enterprise partnerships at Mastercard, said 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.”