Sabre Corporation (NASDAQ: SABR), a software and technology provider that powers the global travel industry, and Revolut, a global fintech company that offers banking services, announce the results of their partnership, which is “propelling the B2B payments process for travel agencies.”
The two tech companies were able to “onboard over 40 customers in less than a year and together are changing the financial landscape for travel agencies.”
Revolut’s virtual cards are now “generated within the Sabre Virtual Payments platform, allowing customers to easily pay airlines, hotels and other travel suppliers with enhanced flexibility and security.”
This allows travel agencies “using Sabre Virtual Payments to enjoy more streamlined and agile practices, personalization and speed to market.”
Celia Pereiro, Managing Director of Payments at Sabre, said:
“Bringing the virtual payments solutions that our travel agencies value and need is a strategic focus area and always a top priority for us, and we are thrilled to see that this partnership is doing exactly that. I’m very proud of the great collaboration between our Sabre Virtual Payments team and Revolut, especially when it comes to implementation times, addressing operational efficiency and cross-border B2B payments needs for our customers.”
Some of the pain points this partnership is helping solve for Sabre-connected agencies using Sabre Virtual Payments include:
- Rapid onboarding process that was reduced from months to just days, allowing customers to start transacting and paying suppliers swiftly and efficiently.
- Seamless integration of a flexible and secure virtual card technology into their existing workflows.
- Access to a comprehensive suite of commercial card products that improve payment acceptance rates.
- Preferential rates in the conversion of one country’s currency into another and real-time insights through a streamlined Foreign Exchange (FX) management, providing them with unparalleled transparency and visibility across international payments while facilitating informed decision-making.
- Allow the agencies to provide a better experience for travel suppliers, who now can get paid on time in their preferred currency, using negotiated payment acceptance rates.
Will Hannan, Global Head of Embedded Finance Sales for Revolut, said they are streamlining transactions in the travel sector, and they look forward to delivering more value in 2024.
“Revolut is excited to drive digitalization in the travel sector alongside our partners at Sabre. Together, we are streamlining transactions through our suite of virtual cards, real-time foreign exchange and API-based payment products. We brought our joint offering to dozens of businesses this year, and we look forward to delivering even more value to customers in 2024.”
According to Future Market Insights, virtual cards market is “predicted to reach a worth of US$ 1.3 trillion by 2032, with 12.2% projected growth between 2022 and 2032.”
The main drivers of this growth are “the increasing adoption of API virtual card issuing platforms, the demand for secure and convenient payment solutions, and the growing penetration of smartphones and e-commerce.”
Through its innovative platform, Sabre Virtual Payments facilitates “a single point of integration between travel agencies, Revolut and various booking tools.”
It automates payment reconciliation and “delivers comprehensive payment data reporting to offer secured and fully integrated end-to-end payment services.”