Thredd Partners With Discover for Enhanced Network Access
Thredd, the rapidly-growing next-gen global payments platform, has announced the expansion of its network access, made possible by its new partnership with Discover Global Network.
Announced on the Money20/20 stage this week, this new initiative offers Thredd’s clients increased optionality, enabling them to expand their product offerings and open up new revenue streams and access new geographies.
Thredd: Addressing client demand
The move from Thredd to collaborate with Discover comes in direct response to the demands of its client base for more flexibility when creating new card programmes – particularly those clients in need of cross-border card issuance.
In Discover, Thredd has found the perfect partner. Through its global network, Discover processes billions of transactions for over 305 million Discover cardholders.
Today, Discover is accepted at over 70 million merchant locations worldwide, including millions more of micro merchants with connections to marketplace and payment facilitators.
Per the deal, Thredd will work with the Discover team to enable Thredd clients access to this additional network. Initial work will include virtual card issuance with Diners Club International.
Thredd is confident this new collaboration will support its international expansion, and offer clients across Europe and APAC the chance to run card programmes on the Discover Global Network as they grow and expand their geographical footprint.
Jonathan Vaux, Head of Propositions & Partnerships at Thredd, says: “Our recent integration into the Discover Global Network will allow us to develop additional revenue streams, access new markets for our clients, and support both our international expansion and that of our clients.
“Our growing suite of partners is designed to grant clients financial flexibility to meet the personalised needs of every business.”
Tribh Grewal, Head of Altpay, Fintech and Commercial Solutions at Discover, adds: “By collaborating with Thredd, we can expand our network acceptance and provide flexible, convenient and more secure transactions to even more customers internationally.
“This alliance will enable Discover Global Network to operate in a more seamless way by tapping into new markets across the globe.”
Thredd’s partnership with Discover comes amid the latter’s takeover bid by Capital One, which has a proposal of US$35.3bn out to acquire Discover.
The deal would bring together two of the largest credit card companies in the US, positioning the newly-formed entity closer to credit-lending leaders JPMorgan and Citigroup.
It is also being seen as a threat to payments giants Visa and Mastercard given Discover’s existing payments network.
At the time of the announcement in February, Richard Fairbank, Founder, Chairman and CEO of Capital One, said: “Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies.”
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