The overwhelming success of Revolut’s partnership with Sabre Corporation is clear for all to see, as they seek to propel the B2B payments process for travel agencies.
In less than a year, the pair have been able to on-board more than 40 customers and are changing the financial landscape for these companies.
Revolut’s virtual cards are now generated within the Sabre Virtual Payments platform, allowing customers to easily pay airlines, hotels and other travel suppliers with enhanced flexibility and security.
In turn, this means travel agencies using Sabre Virtual Payments are enjoying more streamlined and agile practices, personalisation and speed-to-market.
"Revolut is excited to drive digitalisation in the travel sector alongside our partners at Sabre,” comments Will Hannan, Global Head of Embedded Finance Sales at Revolut.
“Together, we are streamlining transactions through our suite of virtual cards, real-time foreign exchange and API-based payment products. We’ve brought our joint offering to dozens of businesses, and we look forward to delivering even more value to customers in 2024.”
It comes as Revolut looks set to become the first finserv firm to offer mobile phone plans in its native UK, forming part of its plans to create a "financial super app".
Providing virtual payments solutions
According to Future Market Insights, the virtual cards market is predicted to be worth US$1.3tn by 2032, with 12.2% projected growth between 2022 and 2032.
Currently, the main drivers of this growth are the increasing adoption of API virtual card issuing platforms, the demand for secure and convenient payment solutions, and the growing penetration of smartphones and e-commerce.
Through its innovative platform, Sabre Virtual Payments facilitates a single point of integration between travel agencies, Revolut and various booking tools. It automates payment reconciliation and delivers comprehensive payment data reporting to offer secured and fully integrated end-to-end payment services.
“Bringing the virtual payments solutions that our travel agencies value and need is a strategic focus area and always a top priority for us—and we’re thrilled to see this partnership is doing exactly that,” adds Celia Pereiro, Managing Director of Payments at Sabre.
“I’m very proud of the great collaboration between our Sabre Virtual Payments team and Revolut, especially when it comes to implementation times and addressing operational efficiency and cross-border B2B payments needs for our customers.”
The benefits of Revolut and Sabre’s partnership
Revolut and Sabre’s collaboration is helping Sabre-connected agencies using Sabre Virtual Payments to solve a host of pain points.
- A rapid onboarding process that was reduced from months to days, allowing customers to start transacting and paying suppliers swiftly and efficiently
- Seamless integration of a flexible and secure virtual card technology into existing workflows.
- Access to a comprehensive suite of commercial card products that improve payment acceptance rates
- Preferential rates in the conversion of one country’s currency into another and real-time insights through a streamlined FX management, providing customers with unparalleled transparency and visibility across international payments while facilitating informed decision-making
- Provision of a better experience for travel suppliers, who now can get paid on time in their preferred currency using negotiated payment acceptance rates
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