TerraPay to solve travel industry ‘challenges’ with Thredd

Airplane flying above tropical sea at sunset.
Editorial credit: muratart / Shutterstock.com

TerraPay, a payments network, has selected Thredd, a next-generation global payments platform, to power virtual card payments for its international suppliers.

Under the agreement, TerraPay will utilise Thredd’s advanced virtual card technology to enhance its network, aiming to provide enhanced features to B2B travel intermediaries globally. 

The partnership will enable travel businesses to expedite payments to their suppliers, thereby reducing market entry times and eliminating obstacles like currency conversion.

Additionally, the collaboration between the two entities aims to tap into the expanding market for B2B virtual cards, which analysts predict will grow to $300bn by 2027. 

Jim McCarthy, CEO at Thredd, commented: “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.”

This announcement follows Thredd’s recent launch into the US, as well as the news of several C-suite hires, supporting their goal to expand internationally.

In terms of TerraPay, the company recently appointed Hassan Chatila as Vice President of Global Head of Network, who at the time of his appointment said he was excited to “create new opportunities across markets and help TerraPay achieve its ambitious goals.”

Speaking on the recent partnership, Ambar Sur, Founder & CEO at TerraPay, said: “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.”