Tag Archives: B2B payments

Koert Grasveld from B2B travel payments specialist Terrapay comments on the collapse of FTI and the impact it would have on B2B payments.  “Travel agents and tour operators everywhere are under huge and ever-increasing amounts of pressure to advance pay hotel chains, single property owners and many other suppliers of services – this undoubtedly will have played a big part in today’s news. Right now everyone in the FTI B2B ecosystem – be they actual travel services suppliers, travel agents selling their packages, or more simply the B2B distributors and tech partners – will all be scrambling around to understand their financial exposure but even more importantly to understand what protection they have in place. Those who have been using virtual credit cards to transact with FTI will find themselves having much greater protection than anyone using old fashioned bank transfers – certainly anyone using prepaid virtual cards, as no fictive money would have been loaded on the card if the service had not been consumed yet / was due payment. Even those certain of financial protection could still be in for a very busy few weeks though, with refund requests and charge-backs being issued at the consumer end, resulting in huge amounts of back-office admin unless they have in place up-to-date, automated systems. If COVID wasn’t a wakeup call, then perhaps this will be to make sure that travel companies invest in robust B2B payment technology.”

Mastercard and Bahrain-based fintech Infinios Financial Services have announced a strategic partnership to advance the digitization of business-to-business travel payments between travel buyers and suppliers through the first Mastercard Wholesale Program launch in region. The collaboration will enhance liquidity for travel suppliers, such as travel agencies, through greater transaction flexibility, transparency, and security. Infinios will deploy the Mastercard Wholesale Program, a virtual card based B2B payment product, to its travel industry customers using its proprietary technologies to help them secure, streamline, and automate B2B travel transactions. The combined solution has been specifically designed for and with the travel industry, addressing the lack of visibility, control, and protection associated with manual payment methods that are still rife across the sector. Andrew Sims, co-founder and CEO of Infinios Financial Services, said: “We are excited to be continuing to develop our relationship with Mastercard in the B2B travel payments space in line with our commitment to support the overall financial ecosystem in the region. The combined strength of Infinios’s comprehensive technology capabilities and the pricing structures available through the Mastercard Wholesale Program will enable us to provide a further boost to the corporate travel industry as it continues to recover from the ill effects of the global pandemic.” Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, said: “As consumers regain the confidence to seek out and book travel experiences, legacy B2B payment processes threaten to hold the industry back. It is now vital that organizations across the sector consider how their payment strategy can secure growth and improve liquidity. Innovation must play its part in ensuring that travel payments are not only simple and convenient but, even more importantly, flexible and …