BOOKINGCARD ISSUANCEBRAVOSETTLEMENT
Embedded Receivable Financing

The capital layer
between booking
and settlement.

Bravo helps OTAs remove the liquidity gap between booking and settlement — purchasing Mastercard virtual card receivables through issuer-connected workflows.

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Authorization-confirmed
Booking-level
Issuer-connected
The Structural Gap

OTAs fund merchant payouts
before they clear.

Online travel agents collect consumer payments upfront, then carry the balance-sheet burden of funding hotel and airline payouts before the clearing cycle completes. As booking volume grows, the gap grows with it.

This is not a cash problem. It is a structural timing problem — and it compounds at scale.

Booking lifecycle — liquidity exposure
Liquidity gap
Consumer
pays OTA
Bravo
funds
Merchant
payout due
Clearing
cycle
Without Bravo
OTA balance sheet absorbs the gap on every booking
With Bravo
Receivable purchased. Gap closed. Balance sheet free.
The Transaction

From booking
to settlement.

01 — Booking
Consumer books through OTA
A traveler completes a hotel or airline booking through the OTA's platform. Consumer payment clears to OTA. The balance-sheet obligation begins.
02 — Virtual card
OTA issues a Mastercard virtual card for the booking
A single-use Mastercard virtual card is generated to pay the merchant for that specific booking. One card, one transaction.
03 — Authorization
Transaction is authorized through the Mastercard network
The virtual card clears Mastercard network authorization. Each receivable is linked to an authorization-confirmed transaction at the booking level.
04 — Issuer signal
Issuer sends Bravo the transaction event
The OTA's issuer passes the transaction to Bravo — embedded within the existing transaction flow. No new OTA workflow required.
05 — Purchase
Bravo purchases the receivable before clearing
Bravo funds the OTA prior to the next clearing cycle. The balance-sheet burden is removed at the transaction level.
06 — Repayment
OTA repays Bravo through the issuer
Repayment flows through the issuer on the agreed cycle. The asset resolves. The next booking begins the cycle again.
Integration path
Integrated through the issuer. Designed to fit existing issuer and OTA flows — no change to existing payout operations on the OTA side.
Asset Quality

The receivable is the transaction.
The transaction is the asset.

The structure is cleaner than traditional AR because the receivable is tied to an authorization-confirmed virtual card transaction at the booking level — not to an invoice. This affects verification, concentration, and the fraud surface in ways that matter for asset quality.

Authorization-confirmed
Each receivable is linked to a network-authorized transaction
Authorization is a critical verification layer. The receivable traces to a specific Mastercard network event — not to an invoice that can be independently presented.
Booking-level granularity
Individual booking. Individual transaction. Individual asset.
Each asset is traceable to a specific booking, merchant, and authorization event — rather than pooled into a portfolio. Booking-level granularity can reduce concentration relative to traditional invoice-based AR.
Issuer-connected repayment
Repayment flows through the same transaction chain
The OTA repays through the issuer on the agreed cycle — following the same mechanics that originated the receivable.
Receivable comparison
Attribute
Traditional AR
Bravo receivable
Verification
Invoice-based
Auth-confirmed transaction
Fraud exposure
More exposed to invoice fraud
Reduced invoice-fraud exposure
Granularity
Portfolio-level
Booking-level
Concentration
Greater portfolio concentration risk
Booking-level granularity
Settlement rail
Bank transfer
Mastercard network
Repayment path
Debtor-dependent
Issuer-connected repayment flow
Insurance layer
Difficult to structure
Trade Credit Insurance compatible
Who Partners with Bravo

Built for the operators
closest to the transaction.

For Issuers
Extend embedded receivable financing to OTA relationships.
Mastercard-connected issuers serving OTAs can bring a financing layer to the existing transaction flow — creating a new capability for their OTA clients without deploying issuer capital.
  • Integrated through the existing issuer infrastructure.
  • Extends a financing capability to OTA clients without capital deployment from the issuer.
  • Designed to fit existing settlement and reporting flows.
For OTAs
Your balance sheet should not be the bottleneck on your growth.
OTAs carrying the cost of merchant payouts before clearing are constrained by their own booking volume. Bravo removes this constraint — without changing existing payout workflows.
  • Merchant payouts funded before the clearing cycle closes.
  • Balance sheet relief at the individual booking level.
  • No new OTA workflow. No change to existing operations.
Partner Conversations

Embedded. Automatic.
Invisible.

For Mastercard-connected issuers and OTA operators exploring embedded receivable financing workflows.

Request a conversation →

Bravo is embedded receivable financing infrastructure for Mastercard-connected issuers and OTAs — not a lending product. Regulatory review is part of every onboarding process.