Singapore – Real-time cross-border payments provider Nium has recently announced its expanded collaboration with payments processor firm Thredd, aiming to issue virtual cards in the Asia-Pacific region.
In this collaboration, the company will incorporate Thredd APIs into its single platform for instant global payments, accelerating its transaction speed to 200 milliseconds for issuing and loading virtual cards in nearly 30 countries around the world.
It also enables Nium to increase acceptance rates and ensure card scheme protection for its travel intermediary customers.
This was made possible by their collaboration with Thredd, which is certified by Visa and Mastercard to process credit, debit, and prepaid card transactions globally on a single platform.
Jim McCarthy, chief executive officer at Thredd, said, “APAC presents a substantial opportunity for global travel intermediaries that will in turn spur robust competition, a boon for consumers, and accelerated growth for the global travel ecosystem.”
“Fuelling this unmistakeable growth is the rise of innovative B2B travel payment solutions, like that offered by Nium. Our long-standing collaboration is a great example of how fintech partnerships are propelling other industries forward,” he emphasised.
Spencer Hanlon, Global Head of Travel Payments at Nium, also said, “With a world of travel options now available in the palm of your hand, travel intermediaries and their hotel partners are under increasing pressure to reduce costs whilst maintaining a compelling customer experience.”
“Virtual card payments are a game-changer for the travel industry, enabling intermediaries to improve cash flow for their hotel partners, in turn driving better prices and deeper connections with consumers. With Thredd’s technology, we can continue to meet the evolving needs of the travel ecosystem on a global scale, now and in the future,” explained Spencer.
Leveraging Thredd’s global processing capabilities, Nium has introduced local issuing in Singapore as a key component of its strategic expansion in B2B travel payments across the Asia-Pacific region. In fact, the two have already issued a total of 86 million virtual cards worldwide since 2018.
