SINGAPORE, 22 JULY: eNett International will be outlining the case for Virtual Account Numbers (VANs) to eliminate the pain points in supplier payments at the GBTA Convention 2015, Florida. In the ‘Virtual Payment’ education session taking place on 27 July, eNett will illustrate how VANs overcome the challenges faced by today’s travel companies, and the process involved when implementing VANs as a payment solution.
A VAN is an automatically generated MasterCard number used for supplier payments and can include payment parameters such as amount, currency, date and merchant, making it a more secure way to pay or be paid. Backed by the MasterCard guarantee and generating unique numbers for each transaction, eNett VANs minimise the risk of fraud and maximise protection against supplier default. Agents can also earn a rebate1 and benefit from significant efficiency gains.
eNett Managing Director and CEO, Anthony Hynes said, “In a landscape where fraud is a top concern for 40% of the industry2, and manual payments and reconciliation cost an estimated US$1.5 billion a year2, VANs have been specifically developed to address the challenges faced by today’s travel companies. By streamlining the payments process through integration and automation, VANs save time and money while reducing risks. As more companies look to gain greater value from their supplier payments, the interest in VANs will continue to grow at a phenomenal rate.”
Darryl Jang, Senior Vice President Americas for eNett, will be speaking at the GBTA Virtual Payment Session on Monday 27 July, 11:30am -12:30pm, room 311GH at the Orange County Convention Centre, Orlando, Florida.
1. Terms and conditions apply.
2. eNett analysis of PhoCusWright Payments Unsettled Report 2013 and IATA.
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.