Fermat's interferometric principle is used to compute interior transmission traveltimes τpq from exterior transmission traveltimes τsp and τsq. Here, the exterior traveltimes are computed for sources s on a boundary B that encloses a volume V of interior points p and q. Once the exterior traveltimes are computed, no further ray tracing is needed to calculate the interior times τpq. Therefore this interferometric approach can be more efficient than explicitly computing interior traveltimes τpq by ray tracing. Moreover, the memory requirement of the traveltimes is reduced by one dimension, because the boundary B is of one fewer dimension than the volume V. An application of this approach is demonstrated with interbed multiple (IM) elimination. Here, the IMs in the observed data are predicted from the migration image and are subsequently removed by adaptive subtraction. This prediction is enabled by the knowledge of interior transmission traveltimes τpq computed according to Fermat's interferometric principle. We denote this principle as the ‘traveltime holographic principle’, by analogy with the holographic principle in cosmology where information in a volume is encoded on the region's boundary.