TerraPay has partnered with global payments platform, Thredd, to power virtual card payments for global suppliers. The strategic partnership aims to develop payment solutions within the travel industry. Specifically, it offers seamless, secure, and compliant virtual card services to intermediaries as part of TerraPay’s cross-border money movement network.
TerraPay will leverage Thredd’s advanced virtual card technology to enhance its network. It will offer additional features to B2B travel intermediaries across international markets. This combines to enable travel businesses to pay their suppliers quickly and easily. In addition, it accelerates market entry times and eliminates barriers such as currency conversion.
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The announcement follows Thredd’s recent launch in the US. In addition, the company has made senior C-suite hires, all as part of its goal to expand internationally.
“Welcoming TerraPay as a new partner demonstrates our commitment to serving the B2B payments industry with robust and seamless solutions to solve challenges such as modernising supplier payments,” said Jim McCarthy, CEO, Thredd.
B2B virtual cards market to grow to $300bn by 2027
Ambar Sur, founder & CEO, TerraPay, added: “Thredd will enable TerraPay to launch in new international markets and offer additional features to meet the needs of the travel industry. We are excited to have Thredd as a new supplier and partner as we look to expand our money movement network to offer global customers a unified payments platform.”
The collaboration between TerraPay and Thredd is set to capitalise on the growing market for B2B virtual cards. This is projected to reach $300bn by 2027. The partnership underscores TerraPay’s mission to provide innovative financial solutions driving efficiency and inclusivity within the travel sector and beyond.
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