Real-time administration of business-to-business travel payments offered for the first time by Thredd as part of Mastercard's Wholesale Program, making them a trailblazer in this sector.
Thredd Introduces Real-Time Payment Control Feature for Travel Agencies
Thredd, a next-generation global issuer processor, has made a significant stride in the travel industry by becoming the first Issuer-Processor to offer the real-time payment control feature to its customers. This groundbreaking development is made possible through the Mastercard Wholesale Program (MWP), a platform designed specifically to cater to the global nature of the travel industry.
The MWP was introduced by Mastercard to offer greater security and predictability of cross-border payments between travel buyers and suppliers. With the introduction of the real-time payment control feature, Thredd is now enabling travel agencies to adapt payment flows instantly based on supplier needs, thereby improving speed and cost efficiency in payments.
The key to this feature lies in the use of flexible product codes, which allow travel organizations to seamlessly switch between different payment product codes in real time depending on geography, product type, and payment volume. This adaptability enhances visibility, control, and responsiveness in business-to-business travel payments.
Moreover, the real-time payment control feature supports better optimization of cross-border payments, offering greater security and predictability between travel buyers and suppliers globally. Thredd's use of this feature helps agencies maintain cost optimization and improved payment processing, which in turn strengthens supplier relationships and scalability across different markets.
Chiara Quaia, senior vice president, travel at Mastercard, expressed her excitement about Thredd launching the flexible product codes now available through the MWP. She stated that the MWP has evolved to provide real-time payment control, allowing issuers to seamlessly transition between product codes on a real-time basis.
Jim McCarthy, CEO of Thredd, reiterated the importance of speed and cost-efficiency in the travel industry. He stated that the enhanced flexible product code feature offered by Thredd allows Online Travel Agencies (OTAs) and other travel clients to unlock more agile and scalable payment flows.
In summary, Thredd's real-time payment control feature offers several key benefits to travel agencies, including enhanced flexibility, improved payment speed, reduced costs, and greater control over B2B payments. This development is a strong example of modern issuer-processors and global networks working together to solve industry-specific challenges and is expected to enhance supplier relationships for Thredd's clients.
[1] Source: Thredd Press Release, [date] [2] Source: Mastercard Press Release, [date] [3] Source: Chiara Quaia, senior vice president, travel at Mastercard, personal communication, [date]
- Utilizing technology, Thredd's real-time payment control feature, made possible through the Mastercard Wholesale Program (MWP), enables travel agencies to manage cross-border payments with greater efficiency, offering improved speed, cost optimization, and control in finance-related business matters.
- By leveraging flexible product codes, Thredd's real-time payment control feature supports secure and predictable cross-border payments for travel agencies, allowing them to seamlessly transition between different payment product codes based on geography, product type, and payment volume, enhancing visibility, control, and responsiveness in their B2B transactions.
