SINGAPORE, 5 March 2014: The uptake in Virtual Account Number (VAN) use in the travel industry is driving efficiencies in travel payments. And travel companies in Europe are leading the charge, as eNett joins one of the world’s largest industry meetings in Berlin.
eNett International - a Travelport joint venture and a global provider of specialist payment solutions for the travel industry - is participating at ITB Berlin 2014 from 5 to 9 March.
eNett Managing Director Sales, EMEA, Anant Patel, said eNett is pleased to be part of the Travel Technology Segment which continues to expand each year and expected to host about 110,000 trade visitors.
“We are looking forward to reaching out to more travel businesses, helping them solve their key payment challenges through our innovative eNett VAN product,” he said.
At Travelport’s e-volve ’14 conference held in Monaco in January, a live poll found that 88% of travel retailers were familiar with VANs, with 75% indicating their support to adopt VANs in the next 12 months.
“These figures are indicative of the growth we are experiencing with eNett VANs,” said Mr Patel, referring to the PhoCusWright’s Payments Unsettled Report published last year, which cited automated integration with global distribution systems (GDS) as one of the key reasons for VAN adoption.
“Our eNett Payments Platform seamlessly links agency booking data to unique MasterCard numbers,” he said. “We listened to the insights uncovered in the research and as a result, we’ve deployed eNett VANs across Travelport’s agency desktops, automating payment processing and simplifying reconciliation.”
In an industry faced with a manual payments and reconciliation cost of USD1.5 billion a year, eNett VANs can help an agency transacting USD25 million, on average, to free up a part-time resource usually allocated to manage these laborious tasks.
Travel companies looking to take advantage of the cost savings of using eNett VANs will be pleased to know that they have the opportunity to earn a rebate on every transaction that uses a VAN to pay when using the eNett VANs to pay their suppliers,
Meet our eNett representatives at the Travelport stand 119, Hall 5.1, Travel Technology Segment
About eNett’s Virtual Account Number (VAN)
eNett Virtual Account Numbers (VANs) enable smarter and safer payments to suppliers. Accepted through the MasterCard network, eNett VANs guarantee payment and may provide new revenue for agents when a VAN is used to pay suppliers. They are integrated with travel booking processes, reducing handling times and making real-time reconciliation a breeze.
About eNett International (www.enett.com)
eNett International is a global provider of dedicated payment solutions for the travel industry. A joint venture between Travelport and PSP International, eNett uniquely connects travel industry specialisation with payments expertise through a payments platform that reduces risk, improves reconciliation and produces financial, data and efficiency rewards. Our partnerships with Travelport – one of the world’s largest GDS provider – and MasterCard Worldwide, supply us with unparalleled reach across the travel industry.