eNett & Cornerstone show how VANs streamline payments
February 22, 2016
Singapore, 22 February:
eNett International, a leading provider of dedicated B2B travel payment solutions, and Cornerstone Information Systems, delivering integrated technology platforms to help manage, process and analyse data, will be demonstrating how Travel Management Companies (TMCs) and travel agents can gain time and cost efficiencies with Virtual Account Numbers (VANs) at Travel Technology Europe 2016
A VAN is an automatically generated 16-digit MasterCard number used for supplier payments, and provides a solution to the problem of manual reconciliation estimated to cost the global travel industry US$1.5 billion1 annually. VANs automate reconciliation, and by integrating with leading booking and accounts platforms, allow agents to pay suppliers directly from within their booking flow – saving customers time and money.
For TMCs, eNett and Cornerstone have partnered for a direct billing solution that automates the communication of payment instructions to hotels – eliminating the need for repeated calling and faxing hotels for booking confirmation. TMCs no longer have to use a traveller’s personal or corporate credit card, saving processing time while improving reconciliation, usage, and spend control. VANs also help travel managers better service their corporate clients, providing greater control over their payments by automatically linking these payments to corporate policy and eliminating unapproved charges. Real-time reconciliation is connected to Cornerstone’s reporting and business intelligence platforms for end-to-end visibility.
eNett Managing Director and CEO, Anthony Hynes, said, “Our focus on integration and remaining GDS agnostic, means all agents can benefit from more efficient payments with VANs. Automation generates significant cost and time savings for our customers, allowing them to focus on growth. And our partnership with Cornerstone means we provide an efficient solution to the unnecessarily time consuming processes involved in hotel bookings. I look forward to working with Cornerstone to provide further efficiencies in the future.”
1. eNett analysis of Phocuswright Payments Unsettled Report 2013 and IATA reports.
About eNett International
eNett International simplifies the complexities of payments by connecting travel industry specialism with payments expertise.
We pioneer innovative B2B payment solutions that reduce risk and facilitate even more travel content, at a lower cost. Easily integrated into existing travel booking workflows, our payment solutions deliver financial, data and efficiency rewards for travel agents and industry suppliers.
Our secure Virtual Account Numbers (VANs) enable travel agencies of all sizes to automatically generate a unique MasterCard number and pay their suppliers from directly within their booking flow. And our exclusive, long-term partnership with MasterCard provides access to the world’s fastest payments processing network and 35.9 million payment locations worldwide, wherever a supplier accepts MasterCard online.
We are majority owned by Travelport, which is listed on the New York Stock Exchange, and our VANs are seamlessly integrated into its Travel Commerce Platform.
Further strengthened by our global banking services partner and shareholder Optal, eNett is building a reputation for trusted and practical B2B payment solutions for the travel industry and beyond.
About Cornerstone Information Systems
Cornerstone Information Systems is a technology company helping travel management companies, corporate travel departments, travel technology companies, and global distribution systems work more efficiently and more profitably. From the creation through the execution and analysis of a travel reservation, companies managing more than $25 billion in travel spend rely on Cornerstone to help them proactively manage information and lower the cost of travel management. Founded in 1992, Cornerstone Information Systems is a privately held company headquartered in Bloomington, Indiana with customers in more than 50 countries. Further information about the company is available at www.ciswired.com
For media enquiries:
eNett International: Tim Masih
Cornerstone Information Systems: Lauren Wolters