As part of their strategic partnership, Thredd and TerraPay intend to develop payment solutions for the travel industry, providing simplified, secure, and compliant virtual card services to intermediaries as part of the latter’s cross-border money movement network. In addition, the alliance allows TerraPay to utilise Thredd’s virtual card technology to work towards improving its network, delivering new features to B2B travel intermediaries across global markets. Through this, travel businesses are set to receive the ability to pay their suppliers more efficiently, which can accelerate market entry time and mitigate barriers, including those posed by currency conversion.
Following Thredd’s expansion into the US market, the current announcement focuses on supporting the company’s global expansion strategy. According to Thredd’s officials, entering this collaboration with TerraPay advances its commitment to serving the B2B payments industry with simplified solutions that can solve issues such as modernising supplier payments. On the other hand, representatives from TerraPay highlighted that Thredd is set to allow their company to introduce additional markets and provide new features that can meet the requirements of the travel industry. TerraPay also underlined that, by having Thredd as a new supplier and partner, the firm could further its allegiance to expanding its money movement network to deliver global customers a unified payment platform. Moreover, TerraPay and Thredd’s partnership aims to benefit from the growing market for B2B virtual cards, which is expected to reach nearly USD 300 billion by 2027. The alliance supports TerraPay’s commitment to offering improved financial solutions that assist the efficiency and inclusivity of the travel industry. Currently, TerraPay provides a single connection to an expansive cross-border payments network regulated in 31 global markets and allows payments to over 144 receive countries, 210 send countries, 7.5 billion bank accounts, and 2.1 billion mobile wallets. The company supports global businesses, including banks, fintech firms, money-transfer operators, and travel businesses, while increasing financial inclusion in inaccessible markets.
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