MELBOURNE, 24 October 2014: When airlines effectively eliminated agency commissions a decade ago, they presented a start-up Australian technology company with an opportunity to establish itself as a global force in travel industry payment solutions.
“We recognised that agents had to move to a fee-based model,” said eNett Managing Director and CEO, Anthony Hynes, speaking at the TRAVELtech conference in Sydney.
And along the way, the eNett team gained insights into the pain points of travel agencies, including exposure to supplier default and fraud, and laborious and time-consuming manual processing.
Now eNett is recognised as a global leader in travel payment solutions. It has key relationships with MasterCard and majority shareholder, Travelport, and customers from 47 countries.
Its core offering is an innovative Virtual Account Number (VAN) solution that generates a unique 16-digit MasterCard number for each booking, making it a highly secure way to pay or be paid.
The streamlined VAN solution surpasses EFT and credit cards by reducing the risk of fraud because the unique credit card numbers cannot be reused. The solution also increases efficiency and cuts costs through automated reconciliation.
Revealing that the eNett team built the VAN prototype in less than a year, Mr Hynes said, “It’s not just about being smart. You also have to deliver faster and better than anyone else.”
“We were able to do this because we built our own proprietary platform – we make the rules,” he said.
Reflecting on eNett’s achievements since the company built its first platform for a major hotel chain in 2002, Mr Hynes said it became clear to him that B2B payments represented a huge opportunity for innovation and simplification.
“Our success has come from building a team that has specialist knowledge in both travel and payments.”
“Don’t be afraid to hire people better than you are,” he advised budding IT entrepreneurs attending the TRAVELtech conference.
“Be brave. We expanded available currencies ahead of demand and provided local settlement to deliver cheaper outcomes.”
“Have confidence in what you’ve built and then stand by your decisions, your people, your partners,” said Mr Hynes.
“These are the values that have worked for me and continue to work for us at eNett.”
About eNett International
eNett International is a global provider of payment solutions uniquely tailored to the travel industry. Its core offering is a Virtual Account Number (VAN) payment solution that automatically generates single-use MasterCard numbers to facilitate payments across the MasterCard processing network, enabling acceptance at more than 35.9 million locations worldwide. By using eNett VANs to make supplier payments, travel buyers and travel providers alike, are able to reduce their risk, improve reconciliation and generate financial, data and efficiency rewards. eNett is majority owned by Travelport which is traded on the New York Stock Exchange under the symbol “TVPT” and its capabilities are integrated into the Travelport Travel Commerce Platform which operates in over 170 countries today. Its other shareholder, PSP International, provides banking services to the enterprise.