Visa and Sabre Corp. have announced an agreement that will allow travel buyers and suppliers to make and receive payments with virtual corporate cards through the Sabre Virtual Payments solution.

"Bringing together Visa's leadership position in digital B2B payments and Sabre's virtual payments technology and global network of customers represents a tremendous opportunity to increase the adoption of virtual B2B payments in the travel industry," Sabre President Wade Jones said in the announcement.

Kevin Phalen, global head of Visa Business Solutions, said the agreement will help streamline cashflow and financial management for companies.