Saber has acquired payments company Confirm Pay, BTN Europe has learned. The acquisition took place on 3 August, Saber later confirmed.
In a letter from Confirmation Pay interim CEO and former Saber EMEA senior vice president Martin Cowley seen by BTN Europe, he says that payments in the industry are “in the midst of a revolution”.
He continues: “Having partnered for many years, both Saber and Confirm Pay acknowledge the changing landscape and the need for significant technology investment in the B2B payment space. This is why Saber will be acquiring Confirmation Pay to help it advance virtual card payments in travel and lay the foundations to develop technologies that enable the future B2B travel payments. ”
“By combining the travel industry expertise of Saber and the payment expertise of Confirm Pay, we believe we can continue to offer a strong value proposition for travel agencies.”
Cowley added: “This acquisition will enable Confirm Pay to evolve the skills and technologies of both organizations to develop enhanced payment solutions, which address gaps and expand opportunities for optimized sales in the B2B travel space.”
A Saber spokesperson said: “On 3 August 2022, Saber acquired UK fintech company Confirm Pay. Saber has had a successful partnership with Confirm Pay for many years, and Confirm Pay is the basis upon which its Saber Virtual Payments proposition is built.
“We believe we are now well-positioned to expand on that proposition with Confirm Pay becoming a Saber-owned entity.”
One TMC boss, who did not wish to be named, said: “Confirmation is the payments glue for most TMCs. They ensure we can pay securely and also gather the rich data we need to reconcile payments. Without them, we’d literally need to double the size of our finance team and massively reduce agent productivity. ”
Confirmation was founded in 2005 by Simon and Jim Barker and today connects issuers to more than 700 travel management companies, all the major global distribution systems and over 100 online booking tools
It started working with Saber in 2011 when it introduced Virtual Payments for Hotel Settlement and then moved to a full integration, including air bookings, in late 2016.
In 2020, Confirmation inked a deal with Visa to make the payment giant’s cards available in travelers’ mobile wallets and launched a corporate virtual payments platform while in 2021, it signed a reseller agreement with the GlobalStar TMC network.
Earlier this year, Confirmation announced a partnership with Thrust Carbon to launch a carbon reporting system that measures the environmental impact of business trips based on payment data from virtual cards.