Together with Thredd, the global payments provider TerraPay is developing a cutting-edge worldwide payments infrastructure that will enable virtual card payments for foreign suppliers.

Through their collaboration, TerraPay and Thredd hope to advance payment solutions for the travel sector by providing intermediaries with safe and easy virtual card services as a part of TerraPay's international money transfer network.

Following its agreement with Discover Global Network to broaden its network access, Thredd has partnered with TerraPay to give its clients more options to enhance their product offerings, reach new markets, and create new revenue streams.

In addition, Thredd just made its US debut and revealed the hiring of many C-suite executives to help achieve its objective of securing global expansion.

Thredd CEO Jim McCarthy states: "We are committed to providing the B2B payments industry with reliable and easy-to-use solutions to address issues like modernizing supplier payments. We are pleased to welcome TerraPay as a new partner."

TerraPay: Accessing Thredd’s advanced virtual card technology

Through their agreement, TerraPay gains access to Thredd's cutting-edge virtual card technology. This allows TerraPay to expand its network and provide more capabilities to worldwide B2B travel brokers.

Additionally, TerraPay's travel industry clients can now swiftly and effortlessly pay their suppliers thanks to Thredd's technology, which also shortens the time it takes to enter new markets and removes obstacles like currency conversion.

"Thredd will enable TerraPay to launch in new international markets and offer additional features to meet the needs of the travel industry," says Ambar Sur, Founder & CEO of TerraPay.

"We are thrilled to welcome Thredd as a new partner and supplier as we work to grow our money movement network and provide a unified payments platform to our customers worldwide."

According to TerraPay, this most recent collaboration demonstrates its commitment to offering cutting-edge financial solutions that promote inclusion and efficiency in the travel industry and beyond.

Trending towards B2B virtual cards

TerraPay and Thredd's collaboration suggests that the business-to-business (B2B) virtual card industry is expanding, with an estimated value of US$300 billion by 2027.

In fact, a number of agreements, such as those with Thredd and TerraPay, have been made or improved in recent months. Revolut advanced its partnership with Sabre in February of this year by creating virtual cards on the Sabre Virtual Payments platform. This gave users the freedom and security to pay hotels, airlines, and other travel suppliers with more ease.

In other travel-related news, Nium declared the growth of its B2B travel payments company in APAC, introducing new capabilities to address the major issues facing the sector. The increasing demand for its virtual credit cards prompted this action.

Using its virtual card technology, Mastercard introduced a new claims payment option for the B2B healthcare sector outside of the travel industry. This system, which was unveiled in January 2024, is assisting in accelerating payments to insurers and healthcare providers.

This payment option was first introduced in India and is being provided in collaboration with Remedinet, a cloud-based healthtech platform that links hospitals with third-party administrators and health insurers to streamline the back end of cashless claims.

The market for business-to-business virtual cards is undoubtedly expanding, and TerraPay's collaboration with Thredd is just the latest development in this rapidly expanding field.