SOUTHLAKE, Texas, Nov. 30, 2016 /PRNewswire/ -- Travel agents face
it every day: payment and settlement for air travel that requires
multiple entries in the reconciliation process, ultimately driving
cost and inefficiencies. While corporations look to increase the
security of business travel accounts with high credit limits and
reduce the number of travelers using personal credit cards to book
travel, both corporations and travel agents need the ability to
process air payments in a more seamless, trusted fashion.
As part of its effort to increase acceptance of virtual payments
by buyers and suppliers, travel technology leader Sabre Corporation
(NASDAQ: SABR) and its partner in the payment space Conferma have
integrated the Sabre Virtual Payment solution for air tickets into
the Sabre Red Workspace used by more than 425,000 agents around the
world. An industry first, the enhanced digital payment capability
is offered as a new standard form of payment, giving agents the
ability to generate virtual cards as part of existing ticketing and
payment processes. The new payment method will be listed alongside
credit cards, cash or check options, providing flexibility within a
seamless payment process for the agency, corporation and the
traveler. The standard payment integration eliminates the need for
mid/back office providers and online corporate booking tools such
as GetThere to modify their business processes and incur additional
technical expenses.
"The new black" for air ticketing payments, Sabre Virtual
Payments gives agents the option to set credit limits, apply date
restrictions and define merchant categories – a set of controls
that help agents to pay more efficiently while reducing the risk of
fraud. Sabre's Virtual Payment can be used at time of ticketing,
refunding and exchanging, and it can be stored in customers'
preferences through the Sabre Profiles capability.
"For each air ticket, the traditional forms of payment challenge
travel agents with high risk of fraud, exposing corporate accounts
and requiring extra time for reconciliation. A more secure and
efficient way to pay is now available for Sabre-connected agencies,
and it is part of the core reservation flow in the Sabre Red
Workspace and Sabre APIs," said Neil
Fyfe, vice president of Virtual Payments at Sabre. "In
addition when using virtual payments within the GetThere booking
tool, we provide incremental detailed reconciliation data available
for expense management."
According to recent research from PYMNTS.com,
- Instances of fraud grew 127 percent between 2015 and 2016
- Every year, businesses lose approximately $3.5 trillion to fraudsters
- The reach of fraud attacks has grown substantially from the
beginning of 2015, when less than $2
out of every $100 was subject to a
fraud attack. In Q1 2016, the reach of fraud attacks climbed to
affect more than $7 out of every
$100.
With this enhancement to the agency point of sale, Sabre is the
only virtual payment provider with global core system integration
for network, hybrid and low-cost airlines, offering accounts to
both the agency and corporation with multi-bank and multi-funding
options. Sabre Virtual Payments is a core component of Sabre's new
corporate traveler experience platform, integrating fully mobile
enabled booking, payment and expense capabilities.
Sabre has seen strong pick up in travel agencies and
corporations using virtual cards, with the year over year growth of
130%. By incorporating its virtual payment solution for air into
its agency workflow, the company expects continued growth in
2017.
About Sabre
Sabre Corporation is the leading technology provider to the
global travel industry. Sabre's software, data, mobile and
distribution solutions are used by hundreds of airlines and
thousands of hotel properties to manage critical operations,
including passenger and guest reservations, revenue management,
flight, network and crew management. Sabre also operates a leading
global travel marketplace, which processes more than US$120 billion of global travel spend annually by
connecting travel buyers and suppliers. Headquartered in
Southlake, Texas, USA, Sabre
serves customers in more than 160 countries around the world.
CONTACT:
Daniel Duarte
Sabre, Public Relations
Daniel.Duarte@sabre.com
+1 (214) 236-9473
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SOURCE Sabre Corporation