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- Amadeus and Mastercard expand partnership to accelerate the adoption of virtual payments in travel
Amadeus and Mastercard expand partnership to accelerate the adoption of virtual payments in travel
Expanded partnership means Amadeus will support innovative payment offerings across the travel industry through its B2B Wallet using Mastercard Wholesale Program
Amadeus and Mastercard today announce a five-year extended global collaboration to help broaden access to virtual card payments across the travel ecosystem. Through this relationship, Amadeus and Mastercard will continue to provide flexible, secure, and efficient ways to make and receive payments.
Today’s expansion builds on an existing strategic relationship committed to offer a fast, secure, and automated way to pay and get paid through Amadeus’ B2B Wallet payment platform with virtual payment technology offered through the Mastercard Wholesale Program. The program is a solution specifically designed for the travel industry utilising virtual card technology to help enhance payment protection and increase visibility for transactions between travel agencies and their suppliers.
Virtual cards can protect cashflow, mitigate risk of default and simplify back-office reconciliation while helping to improve the payment experience for both travel agencies and travel suppliers, such as airlines and hotels.
Bart Tompkins, Managing Director Payments, Amadeus commented:“The way travel agencies make payments to suppliers is changing. Virtual card payments help agencies respond to the challenges of COVID-19 by protecting cashflow, reducing risk, and improving back-office efficiency, whilst also improving settlement terms for suppliers. We’re pleased to continue our longstanding partnership with Mastercard. Our commitment is to ensure our customers can access a wide range of virtual card payment methods from the Amadeus B2B Wallet.”
Kevin White, Director - Travel, Enterprise Partnerships, Mastercard commented:“Mastercard has long pioneered virtual card innovation and remains committed to helping the travel industry benefit from greater payment protection and enhanced transaction visibility through the Mastercard Wholesale Program. We’re thrilled to extend our partnership with Amadeus, a collaboration committed to leveraging expertise and innovations from both organizations to support recovery and growth for the travel sector. Now, more than ever, it is essential for players across the travel industry to come together to not only address the evolving needs today but to realize a stronger and more resilient future for the entire travel ecosystem.”
About Amadeus B2B Wallet
Amadeus B2B Wallet is an Amadeus technical solution which provides access to financial services provided by financial service institutions regulated in their respective country of registration (“B2B Wallet Partners”). The financial services provided by these B2B Wallet Partners are defined under and governed by the B2B Wallet Partners’ respective terms and condition. Amadeus is not part of that contractual relationship and will not be involved in the handling or settlement of funds nor in any other aspect related to the provision of a regulated service. Amadeus facilitates access to B2B Wallet Partners’ solutions within the travel ecosystem by providing technical services, which come in the form of a dedicated access via Amadeus systems and customer support.
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