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Mastercard and Thredd Introduce Real-Time Payment Control Solution for Travel Agencies
Mastercard and Thredd, a leading issuer processor, have partnered to develop a solution aimed at improving visibility, adaptability, and control in business-to-business travel transactions. This innovative solution, enabled by the Mastercard Wholesale Programme (MWP), offers travel agencies real-time payment control through flexible product codes.
The MWP, designed to address the global nature of the travel sector, empowers travel agencies with advanced tools to manage their payments dynamically. Here's a closer look at the key features of this groundbreaking solution:
- Real-Time Payment Adjustments: Travel agencies can now switch between product codes in real-time, allowing them to adapt their payment flows according to supplier or product requirements. This flexibility is crucial for responding quickly to changing supplier needs.
- Enhanced Visibility and Control: By providing greater visibility and control over B2B travel payments, travel agencies can optimize costs, improve payment speed to suppliers, and strengthen supplier relationships.
- Scalability and Agility: The MWP helps travel organizations scale their operations more efficiently by enabling agile and scalable payment flows. This is particularly important in the travel sector, where speed and cost efficiency are critical.
- Cross-Border Payment Security: The MWP is designed to support the global nature of the travel industry, offering greater security and predictability for cross-border payments between buyers and suppliers.
Chiara Quaia, Senior Vice President of Travel at Mastercard, expressed her pleasure over Thredd launching the flexible product codes through the MWP. She stated, "This solution will help travel organizations optimize costs, improve payment speed to travel suppliers, strengthen supplier relationships, and support market expansion."
Jim McCarthy, CEO of Thredd, added, "The enhanced flexible product code feature will help OTAs and other travel clients adopt more agile and scalable payment flows, enabling them to adjust payments based on geography, product type, and volume."
Mastercard is committed to curating and scaling payment technologies that meet the specific needs of the travel sector. With this partnership, they are one step closer to achieving that goal.
[1] Real-time payment adjustments: https://www.mastercard.com/news/press-releases/2021/mastercard-and-thredd-announce-new-solution-to-improve-visibility-adaptability-and-control-in-business-to-business-travel-transactions.html [2] Enhanced visibility and control: https://www.mastercard.com/news/press-releases/2021/mastercard-and-thredd-announce-new-solution-to-improve-visibility-adaptability-and-control-in-business-to-business-travel-transactions.html [3] Scalability and agility: https://www.mastercard.com/news/press-releases/2021/mastercard-and-thredd-announce-new-solution-to-improve-visibility-adaptability-and-control-in-business-to-business-travel-transactions.html [4] Cross-border payment security: https://www.mastercard.com/news/press-releases/2021/mastercard-and-thredd-announce-new-solution-to-improve-visibility-adaptability-and-control-in-business-to-business-travel-transactions.html
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