6 days ago
Thredd adopts Mastercard WholesaleProgram codes for global travel payments
Thredd, a leading next-generation global issuer processor, today announced it has become the first to offer its travel agency customers real time payment control through new flexible product codes made possible through the Mastercard Wholesale Program (MWP).
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This new capability enables Thredd's customers to better respond to supplier needs based on geography, product type and volume, while optimizing business-to-business travel payments through greater visibility, adaptability, and control.
The MWP was designed to better support the global nature of the travel industry, offering greater security and predictability of cross-border payments between travel buyers and suppliers. Based on industry feedback, the Program has now evolved to provide real-time payment control, allowing issuers to seamlessly transition between product codes on a real-time basis. These product codes allow travel organizations to adapt virtual card technology in real time, based on supplier or product need. Thredd is the first Issuer-Processor to offer this enhanced feature to its customers.
'Mastercard is committed to curating and scaling payment technologies that meets the specific needs of the travel sector,' said Chiara Quaia, senior vice president, travel at Mastercard. 'We're thrilled to see Thredd launch the flexible product codes now available through the Mastercard Wholesale Program, a solution we will continue to enhance and evolve based on industry feedback to accelerate virtual card innovation and better support the needs of our travel partners.'
'In the travel space, speed and cost-efficiency are critical,' said Jim McCarthy, CEO, Thredd. 'With the enhanced flexible product code feature, enabled through the Mastercard Wholesale Program, OTAs and other travel clients can unlock more agile and scalable payment flows, while keeping operational overhead to a minimum. It's a strong example of what's possible when modern issuer-processors and global networks work together to solve industry-specific challenges.'
Thredd aims to deliver cost optimization and improved speed in provisioning and settling payments with travel suppliers, to ultimately improve supplier relationships and offer more flexibility in how these groups scale across markets.
