Real-Time Management of Business-to-Business Travel Payments Initiated by Thredd in Mastercard Wholesale Program
Thredd Introduces Real-Time Payment Control for Travel Industry
Thredd, a global issuer processor, has made a significant stride in the travel industry by becoming the first to offer real-time payment control to travel agency customers through new flexible product codes, enabled by the Mastercard Wholesale Program (MWP).
This innovative feature offers numerous benefits for travel industry issuers and suppliers, providing real-time adaptation of payment flows based on supplier needs. This leads to improved speed, cost efficiency, security, and predictability of cross-border payments between travel buyers and suppliers.
Key benefits include:
- Improved speed and cost efficiency: Payments can be adjusted instantly to reflect supplier requirements, reducing delays and optimizing operational costs.
- Greater adaptability and control: Travel organizations can seamlessly transition between flexible product codes in real time, allowing them to tailor virtual card payments by geography, product type, and volume, better matching supplier expectations and conditions.
- Enhanced visibility: Real-time tracking and control over payment flows provide clear insights into transactions, enabling better payment management within the complex global travel ecosystem.
- Improved supplier relationships and scalability: Faster and more flexible payments enhance trust and operational scalability across different markets.
- Increased security and predictability: The program supports secure cross-border B2B payments with reliable execution, crucial for the global travel industry's diverse supplier network.
Jim McCarthy, CEO of Thredd, stated that "speed and cost-efficiency are critical in the travel space." He further emphasized that the new feature keeps operational overhead to a minimum.
Chiara Quaia, senior vice president of travel at Mastercard, expressed Mastercard's excitement about Thredd launching the flexible product codes available through the Mastercard Wholesale Program. She stated that Mastercard is committed to curating and scaling payment technologies for the travel sector.
The MWP was designed to better support the global nature of the travel industry, offering greater security and predictability of cross-border payments. Mastercard will continue to enhance and evolve the Mastercard Wholesale Program based on industry feedback to accelerate virtual card innovation and better support travel partners.
Thredd's goal is to improve supplier relationships and offer more flexibility in how these groups scale across markets. The new capability enables Thredd's customers to better respond to supplier needs based on geography, product type, and volume. Thredd offers its customers the ability to adapt virtual card technology in real time, based on supplier or product need, through the MWP.
The new feature optimizes business-to-business travel payments through greater visibility, adaptability, and control. Mastercard is thrilled about Thredd launching the flexible product codes available through the Mastercard Wholesale Program, as it is a strong example of what's possible when modern issuer-processors and global networks work together to solve industry-specific challenges.
[1] Mastercard News Release, 2021. [2] Thredd Press Release, 2021. [3] Mastercard Wholesale Program Overview, 2021.
- The groundbreaking real-time payment control developed by Thredd, as reported by ffnews.com, is not limited to improving speed and cost efficiency in the travel industry; it also offers enhanced visibility, adaptability, control, and enhanced supplier relationships, all powered by the Mastercard Wholesale Program (MWP).
- In addition to its impacts on the travel industry, the collaboration between Thredd and Mastercard in the development of flexible product codes for virtual card technology brings opportunities for businesses in other sectors, particularly finance and technology, as it showcases the power of partnerships in driving innovation and addressing specific industry challenges.
