Transcard Teams With Thredd to Expand Payment Orchestration Platform

Payments technology firm Transcard has teamed with Thredd to expand its payment orchestration platform.

The collaboration, focused on Transcard’s SMART Suite platform, expands payment method optionality for customers and recipients for both B2B and B2C applications that offer virtual cards, according to a Tuesday (May 27) news release.

“Many of our multinational customers want the same end user experience in other countries as we provide in the US,” Transcard CEO Greg Bloh said in the release.

“Thredd’s global issuance and partner network allows us to enhance the number of payment methods available on greatly accelerated timelines. As we enter new markets, it is important to understand the unique requirements of each country, and having Thredd as a global partner helps us meet localization requirements much more efficiently.”

The release notes that the partnership opens a range of use cases across B2B, B2C, and buy now, pay later (BNPL) segments.

“Businesses can issue virtual cards for supplier payments, employee reimbursements, and gig economy payouts, while consumers benefit from faster disbursements and more flexible payment options,” Transcard said.

For BNPL scenarios, virtual cards can be dynamically issued, allowing for instant financing and streamlined settlement.

As covered here last week, virtual cards — unlike their traditional physical cousins — exist only in digital form. These cards can be tied to an underlying credit or debit account but provide unique advantages: single-use or transaction-specific numbers that dramatically reduce the risk of fraud.

“Consumers can use them for online purchases, subscription services or even in-store via mobile wallets like Apple Pay or Google Wallet,” that report said. “These numbers often expire after a single use or transaction, making them an inherently safer option in a world of growing digital threats.”

Research by PYMNTS Intelligence data reveals that 56% of users have used a virtual card number that differs from their physical card, spotlighting the perception — and reality — of heightened security.

“Nearly 1 in 4 consumers have used one-time-use virtual card numbers, and 28% have used them for automatic payments, functions that go beyond mere convenience to offer real-time control over recurring charges and merchant access,” PYMNTS wrote.

Consumers classified as “Connected Tech” users — meaning that they use everything from virtual reality headsets to electric vehicles and smart home security systems — have shown a 74% usage rate for virtual cards.

“Adoption among this cohort includes advanced features: 50% have used single-use card numbers, and 55% have created store-specific virtual cards,” PYMNTS wrote.