The global payments provider, TerraPay, has partnered with Thredd to build a next-generation global payments platform, powering virtual card payments for international suppliers.
Per the partnership, TerraPay and Thredd aim to develop payment solutions within the travel industry by offering seamless and secure virtual card services to intermediaries as part of TerraPay’s cross-border money movement network.
Thredd’s partnership with TerraPay comes after it struck a deal with Discover Global Network to expand its network access, giving Thredd customers increased optionality to expand their product offerings, open up new revenue streams and access new geographies.
Thredd has also recently launched in the US and announced several C-suite hires in support of its goal to secure international expansion.
Jim McCarthy, CEO at Thredd, says: “Welcoming TerraPay as a new partner demonstrates our commitment to serving the B2B payments industry with robust and seamless solutions to solve challenges such as modernising supplier payments.”
TerraPay: Accessing Thredd’s advanced virtual card technology
TerraPay’s partnership with Thredd allows it to access the latter’s advanced virtual card technology. This enables TerraPay to enhance its network and offer additional features to B2B travel intermediaries across international markets.
What’s more, Thredd’s technology empowers TerraPay’s travel business customers to pay their suppliers quickly and easily, accelerate market entry times and eliminate barriers such as currency conversion.
Ambar Sur, Founder & CEO at TerraPay, adds: “Thredd will enable TerraPay to launch in new international markets and offer additional features to meet the needs of the travel industry.
“We are excited to have Thredd as a new supplier and partner as we look to expand our money movement network to offer global customers a unified payments platform.”
TerraPay adds its latest partnership underscores its dedication to providing innovative financial solutions that drive efficiency and inclusivity within the travel sector and beyond.
Trending towards B2B virtual cards
TerraPay’s partnership with Thredd points to a growing market for B2B virtual cards, a market that is set to be worth US$300bn by 2027.
Indeed, many partnerships like TerraPay and Thredd have been struck, or enhanced, in recent months. In February this year, Revolut took its collaboration with Sabre to the next level, generating virtual cards within the Sabre Virtual Payments platform, allowing customers to easily pay airlines, hotels and other travel suppliers with enhanced flexibility and security.
Elsewhere in the travel space, Nium announced the expansion of its B2B travel payments business in APAC, launching new capabilities to resolve the biggest challenges affecting the industry. This was done in response to the growing demand for its virtual credit cards.
Outside of the travel sector, Mastercard launched a new claims payment solution for the B2B healthcare industry leveraging its virtual card technology. Announced in January 2024, this solution is helping bring faster payments to healthcare providers & insurers.
Initially rolled out in India, this payments solution is being delivered in partnership with Remedinet, a cloud-based healthtech platform on a mission to simplify the back-end of cashless claims by connecting hospitals with health insurers and third-party administrators.
The B2B virtual cards market is most certainly on the rise, and TerraPay’s partnership with Thredd marks the next announcement of many as this vertical continues its rapid growth rate.
