Amadeus and Mastercard expand collaboration to accelerate adoption of online payments
Through this agreement, both companies will continue to offer flexible, secure and efficient solutions to carry out transactions
Amadeus and Mastercard today announce the extension of their global partnership for five years to help expand access to virtual card payments across the travel ecosystem. Through this relationship, Amadeus and Mastercard will continue to offer flexible, secure and efficient ways to make and receive payments.
Today's expansion builds on an existing strategic relationship committed to offering a fast, secure and automated way to pay and receive payments through the Amadeus B2B Wallet payment platform with virtual payment technology offered through the Mastercard Wholesale Program. The program is a solution designed specifically for the travel industry that uses virtual card technology to help improve payment protection and increase the visibility of transactions between travel agencies and their suppliers.
Virtual cards can protect cash flow, mitigate default risk, and simplify back-office reconciliation, while helping to improve the payment experience for both travel agencies and travel providers, such as airlines and hotels.
Bart Tompkins, Amadeus Managing Director Payments, commented: "The way travel agencies make payments to providers is changing. Virtual card payments help agencies respond to the challenges of COVID-19 by protecting the flow cash flow, reducing risk and improving back-office efficiency, while improving settlement conditions for suppliers. We are pleased to continue our long-standing collaboration with Mastercard. Our commitment is to ensure that our customers have access to a wide range of of virtual card payment methods from Amadeus B2B Wallet ".
Kevin White Director - Travel, Enterprise Partnerships, Mastercard commented: "Mastercard has long been a pioneer in virtual card innovation and remains committed to helping the travel industry benefit from increased payment protection and enhanced Transaction visibility through the Mastercard Wholesale Program. We are delighted to expand our partnership with Amadeus, a collaboration committed to leveraging the expertise and innovations of both organizations to support the recovery and growth of the travel industry. Now More than ever, it is essential that travel industry players come together not only to address today's changing needs, but to achieve a stronger and more resilient future for the entire travel ecosystem".