US Bank, America’s third largest commercial bank card issuer, and Amadeus, a leading provider of advanced technology for the global travel industry, have started a strategic alliance through which Amadeus will offer the bank’s virtual payment technology to its US travel agency subscribers.
For years, offline and online travel agencies alike have laboured with inefficient payment processes to settle with travel suppliers. Challenges such as poor cash flow management, fraud and manual reconciliation harm productivity and efficiency. Now, two industry leaders are partnering to deliver financial technology innovation that offers relief from reconciliation and other business-to-business payment hassles.
As a result, Amadeus will launch MasterCard-branded Amadeus B2B Wallet in the US, a new virtual card solution that will enable its US travel agency customers to save time and boost efficiency.
Nicole Tackett, Head of Strategy, Specialty Verticals and Partnerships for US Bank Corporate Payments Systems, commented:
“Partnering with Amadeus to advance their leading travel technology offering is a compelling opportunity for US Bank. Integrating with one of the largest travel distribution systems in the world allows us to enhance our offering to the travel and hospitality industry and bring exceptional new capabilities to Amadeus customers.”
Introduction of Amadeus B2B Wallet in the US coincides with the growing demand for virtual cards to pay suppliers in real-time, as well as the increased demand to make payments outside of traditional channels.
Features of the Amadeus B2B Wallet include:
- Unlike a traditional credit card, payment details are generated each time the travel agent requests creation of a virtual card. This enables travel agencies to streamline back office processes and control when their card is used and for what amount
- Reconciling payments with sales files is made efficient and accurate as each payment transaction has a unique credit card number
- Travel agents can pay their travel suppliers faster, replacing payment methods such as invoicing, wire transfers, bank debit card, cheques and cash advances
- With MasterCard’s global acceptance, travel agencies can securely pay suppliers almost anywhere in the world
- Travel agencies have the opportunity to earn rebate revenue from their supplier payments
Read the press release via US Bank here.