Sabre Holdings and Amadeus, both providers in global travel distribution and technology, recently announced the approval and launch of Moneydirect–a joint venture that will provide an industry solution for secure, automated payment processing, clearing and reconciliation for the travel and tourism industry.

The intent of the partnership is to establish an industry standard solution to improve and better meet the requirements of the travel industry with payment efficiencies, increased automation and improved interoperability.

Moneydirect will focus on travel suppliers such as hotels, cruise lines, tour operators, car rental companies, ferries, railways and travel intermediaries such as travel agencies and wholesalers.

This announcement follows the filing made in August by the two companies with the European Commission for antitrust approval for the joint venture. An initial announcement was also made at that time.