Creating a new partnership aim is to accelerate the use of virtual cards for business-to-business travel payments. This partnership is between texas-based travel technology company Sabre (SABR) and the UK’s Conferma Pay, having worked together on virtual payments technology for travel firms since 2011. This was long before they made it official last August, when Sabre acquired the business payment software company for $72.5 million.
American Airlines (AAL) had founded Sabre more than 60 years ago, in 1960. It became its own entity in 2000.
Tech Firm Zoho Plans to Open New Office in South Africa in Q1 2023
Australia Health tech VALD raises $37.5m as Canada’s Vistara Growth backs push into North America
Twitter CEO Musk Predict Twitter going to ‘war’ with Apple
In 2011, Sabre and Conferma Pay launched a partnership for hotel payments that soon grew to cover Europe, the Middle East, Asia and the Americas.
In 2014, the two companies started Sabre Virtual Payments for air travel. The technology was quickly picked up and widely used by travel agents by 2016.
Virtual card payments use a random number that is charged just one time for a specific total amount. Traditional cards use one designated number for multiple transactions. Among their benefits, virtual payment cards can help protect users’ identities and reduce the threat of fraud.
Sabre, the largest global distribution systems provider for air bookings in North America, acquired Conferma Pay on August 8, 2022. The move implies a major investment for Sabre in Conferma Pay’s technology.
“Sabre has had a successful partnership with Conferma Pay for many years, and Conferma Pay is the basis upon which its Sabre Virtual Payments proposition is built,” Sabre said then in a statement.
“We believe we are now well-positioned to expand on that proposition with Conferma Pay becoming a Sabre-owned entity.”
To look forward to, combining the two forces was just the beginning of a major plan to power the travel economy with virtual cards.