TRAVEL TECHNOLOGY,COMMERCIAL TRAVEL
Sabre Corporation,Conferma Pay and Mastercard | November 29, 2022
Sabre Corporation (NASDAQ: SABR) a leading software and technology provider that powers the global travel industry, 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.
Today's 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.
Digitization of travel payments with virtual cards helps address the historic challenges associated with B2B leisure and corporate travel payments. The securely generated, single use card numbers provide a link between booking and associated payments to third party suppliers. Travel buyers and suppliers are therefore able to easily track and reconcile payments, as well as benefit from flexible pricing, financing options, and enhanced security through card payment guarantees.
"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, Companies in the travel space – including travel management companies, travel agencies, corporations, issuers and technology partners – need sophisticated solutions and seamless connections. Sabre is taking strategic steps to fulfill the needs of our industry, beginning with the acquisition of Conferma Pay. Now, the new partnership with Mastercard will help Conferma Pay to build new and enhanced digital capabilities in virtual cards, transforming the payment experience for issuers."
-Roshan Mendis, Executive Vice President and Chief Commercial Officer, Sabre Travel Solutions.
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.
A combination of experience, technologies and capabilities will accelerate travel payment innovation and drive inclusive and sustainable growth for the sector, said Chris Fendley, Executive Vice President, Enterprise Partnerships at Mastercard. 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.
Conferma Pay connects issuers to more than 700 travel management companies, all the major global distribution systems and more than 100 online booking tools. Conferma Pay is fully integrated with all the major card schemes and serves more than 50 banking partners, who issue Conferma Pay generated virtual cards in nearly 100 currencies.
"We've already made significant inroads in the B2B travel space through partnering with Sabre, We are excited about the new investments. This, combined with our existing strong relationships, will enable Conferma Pay to build on our global footprint and be at the forefront of addressing industry challenges and opportunities."
-Martin Cowley, interim CEO at Conferma Pay
Sabre's Virtual Payments will continue to offer Conferma Pay services – with increased capabilities that help travel buyers, agencies and corporations best support travel customer needs. Sabre Virtual Payments is a unique, secure, automated and integrated end-to-end payment solution designed to simplify and add value to the transactions that TMCs, OTAs, travel agencies, corporations and travel suppliers do every day. Sabre Virtual Payments takes all the capabilities of Conferma Pay and its network of issuers and combines it with seamless integration across Sabre products for -connected travel buyers, agencies and corporations.
About Sabre Corporation
Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Conferma Pay
Conferma Pay is a global financial technology company. It designs and integrate virtual payment systems that provide a more efficient, seamless and secure way to pay for businesses. Conferma Pay was born in Manchester in 2005. Since then, it has connected over 700 TMCs, and directly integrates with all the major GDSs and OBTs. Its roots lie in corporate travel payment integration. It enables its payment providers to flow virtual cards into the preferred purchasing process of any business travel buyer. Crucial to this is its network of banking partners, who have issued virtual cards in over 200 countries, in 40 currencies with over 45 commercial banking partners via all major card networks. Its ecosystem continues to expand to meet the growing requirements of its global customer base.
DESTINATION AND TOURISM,HOSPITALITY TRENDS
Selina Hospitality PLC | November 04, 2022
Selina Hospitality PLC. (“Selina”; NASDAQ: SLNA), the fast-growing lifestyle and experiential hospitality company targeting millennial and Gen Z travelers has formed a strategic partnership with Mantra, a global retreat operator, to curate wellness retreats throughout Selina’s ecosystem of 163 locations across 25 countries and six contents. The expansion into the retreat market is a first for Selina, and will create a separate entity focused solely on building these enriching wellness experiences. Per Global Wellness Institute, the wellness economy is projected to reach nearly $7.0 trillion in 2025, and the Mantra partnership allows Selina to tap into this growing business segment all while maximizing synergies across distribution and operating expenses.Mantra is known for its transformative programs that create unique experiences by bringing together the best wellness instructors of yoga, meditation, and movement with a culinary experience, live music & day trips to deliver a full mind, body, soul retreat. Mantra will be curating local wellness talent (teacher, chefs, musicians, etc.) and developing customized programs across Selina's global and diversified hotel system, be it deep in the desert, the jungle or any number of Selina’s cool, urban locations.
Selina is proud to champion a brand like Mantra and to be at the forefront of this evolution in global travel and retreat experiences. We see our partnership as an incredible opportunity to reach new customers and to enter the wellness market by providing leaders, teachers, and coaches with beautiful spaces to bring their unique skills and experiences to people around the world” said Selina VP Strategy, Steven O’Hayon.
Prior to joining forces with Selina, Mantra had put together over 50 retreats, corporate offsites & festivals since its founding in June 2020. These events, which hosted over 5,000 people, took place in Israel, Greece, Cyprus, Egypt & Sri Lanka, and now through this partnership will expand out to even more places worldwide.
“Partnering with a company that upholds such similar values and quality standards as Mantra is a dream for us. Having the support of Selina at this stage allows us to tap into their vast global reach and advanced systems to scale our presence and grow our community,”
-Doron Domb, Mantra Founder & CEO.
About Selina Hospitality PLC.
Selina (NASDAQ: SLNA) is one of the world's largest hospitality brands built to address the needs of millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Custom-built for today's nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Founded in 2014, each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations around the world – from urban cities to remote beaches and jungles. Selina's portfolio includes 163 open or secured properties across 25 countries and six continents. To learn more, visit www.selina.com or follow Selina o Twitter Instagram, Facebook or YouTube.
TRAVEL TECHNOLOGY,FEATURES AND ADVICE
Airwallex | December 16, 2022
Global fintech Airwallex is pleased to announce that it has been chosen by TripActions as the partner of choice for its global cross-border payments and FX needs to support TripActions Liquid, its corporate card and expense management solution.
With support from Airwallex’s global payments and banking infrastructure, TripActions can further streamline travel and expense management experiences for its customers across 130 markets by providing a seamless, cost-efficient way to convert and pay out funds in over 45 currencies.
“Identifying faster, easier, and safer ways to move and manage money is key for businesses that want to grow at scale. At Airwallex, this is exactly the pain point that we are building a solution for, TripActions is the modern day, all-in-one solution for corporate travel and expense, and we are pleased that we are able to support them and their ambition as they look to grow and expand their business globally.”
-Ravi Adusumilli, Global Head of Partnerships and General Manager, Americas at Airwallex.
TripActions aims to make travel and expense easy, and Airwallex’s vision to deliver better experiences and tech solutions aligns exactly with that goal, said Michael Sindicich, EVP and General Manager of TripActions Liquid. With Airwallex, we are now able to reimburse our customers’ international employees in their local currencies instantly or on the same day in many countries, and we’re excited to continue working together as we bring more innovative features to businesses everywhere.
Founded in Melbourne, Australia in 2015, Airwallex reported significant business growth in the last year, with revenues more than doubling year-over-year. In the US, Airwallex has also built steady traction, having experienced rapid customer growth, and having won “Startup of the Year” in this year’s US Fintech Awards. Today, the business operates with a still-growing team of 1,300 employees in 19 locations across Asia-Pacific, Europe, and North America.
Airwallex is the leading financial technology platform for modern businesses growing beyond borders. With one of the world’s most powerful payments and banking infrastructure, our technology empowers businesses of all sizes to accept payments, move money globally, and simplify their financial operations in a single platform. Established in 2015 in Melbourne, Australia, our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. Today, Airwallex has a global footprint across Asia-Pacific, Europe, and North America.