Seeing a need for investment in technology in the B2B travel payment space, travel industry technology company Sabre has acquired U.K.-based payments company Conferma Pay.
The acquisition took place Aug. 3, Business Travel News Europe reported Monday (Aug. 8). Per the report, a Sabre spokesperson said the two companies have had a partnership in place for many years, as Sabre Virtual Payments is built on Conferma Pay.
Sabre’s spokesperson continued, “We believe we are now well-positioned to expand on that proposition with Conferma Pay becoming a Sabre-owned entity.”
With the B2B payment landscape shifting, the companies are aware that there’s a need for significant investment. The firms are looking to develop new technologies for B2B travel payments, the report said, citing a letter from Martin Cowley, Conferma Pay interim CEO and former senior vice president for Sabre Europe, the Middle East and Africa (EMEA).
PYMNTS research has found that while B2B payments between merchants and the end-providers of services are a fundamental part of the travel and tourism sectors, the management and execution of these payments can be very complex.
Read more: 60% of Travel & Tourism Businesses Find Vendor Payouts to Be A Hassle
According to the “Smart Receivables Playbook,” a PYMNTS and Flywire collaboration, 62% of travel and tourism businesses cite B2B payments as a pain point, with 20% saying they are a very or extremely significant pain point, and another 43% saying they are a somewhat significant pain point.
In February, Spanish B2B payments firm Voxel launched a collaboration with Diners Club Spain to promote B2B payments in the travel industry.
See also: Voxel, Diners Club, Collaborate on B2B Travel Payments
“Voxel offers a payment platform with international presence that is highly integrated with the hospitality sector and with the main booking systems used in the travel market,” Jessica Püttmann, marketing and communications manager of Diners Club Spain, said at the time. “Together we will be able to offer an agile payment process to our clients that helps optimize their internal processes and provides them with greater liquidity.”
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