eNett International extends currency suite for lower cross-border payments

March 29, 2017

eNett international, a leading provider of B2B payment solutions, has responded to increasing international transactions by further extending its range of currencies. With travel companies now transacting in more currencies than ever before, Mexican Pesos, Russian Roubles and Turkish Lira have now been added to eNett’s already broad currency suite. eNett can reduce the cost of payment for over 80% of the total global travel spend1.

Recent research by Phocuswright showed 61% of travel agencies are issuing payments in more than one currency, and travel companies accepting payments in more than ten different currencies has doubled in the past three years alone2.This trend is only set to increase, driven by consumer demand for more exotic locations and digital technologies making global expansion more attainable. However, travel agencies could still be paying more by up to 3% on each international transaction3 by using traditional payment options like bank transfers. With innovative payment options designed to cut the cost on international payments, travel agencies should be looking to alternative payment options for savings.

eNett Managing Director and CEO, Anthony Hynes, said, “Global cross-border e-commerce revenues are estimated to swell from around $80 billion today, to $250 - $350 billion by 20254. International payments strategy should be a high priority for travel companies, with many still paying more on international transactions than necessary. With FX options designed to lower costs, and local funding and settlement avoiding charges, small changes can result in huge savings. At eNett, we are dedicated to lowering the cost of international transactions and are constantly evolving our solutions to bring  them down even further.”

Providing a low-cost virtual card solution specifically tailored to the travel industry, eNett Virtual Account Numbers (VANs) solve the challenges of industry pain-points - especially international payments. eNett VANs can be generated in over 30 currencies and support transactions in over 100 currencies via a wide range of FX options designed to reduce costs. Offering solutions including local funding and settlement, through to real-time conversionthat allows agents to lock-in rates at the time of booking, eNett puts control of the transaction back into the agent’s hands. And by eliminating the need to set-up expensive banking arrangements in each jurisdiction, eNett enables agencies to expand their reach without increasing their cost base.

To help agencies reassess their FX options, eNett has developed a factsheet to outline the savings and pricing certainty that could be gained by paying with VANs for cross-border payments.




1 eNett analysis of global travel spend

Phocuswright payments unsettled Europe 2017

3 eNett analysis of bank fees and charges

4 BCG, ‘Cross-Border E-Commerce Makes the World Flatter’, September 2014

Available in selected currencies

More Press Releases

08 March 2018

Making raising chargebacks faster and easier

We're constantly reviewing our processes and making they easier, faster and safer for our customers

Read more

21 February 2018

Fraud costs travel intermediaries a whopping US$21 billion

We commissioned a new global study into fraud in travel payments. It showed travel companies are being highly targeted by fraud, with the total impact of fraud currently costing travel intermediaries nearly US$21B. The research predicts this could exceed US$25B by 2020.

Read more

13 February 2018

eNett International wins Best Digital Payments Programme at the Card & Payments Awards 2018

eNett Virtual Account Numbers scooped Best Alternative or Digital Payments Programme at the prestigious Card & Payments Awards 2018.

Read more

03 January 2018

Record-breaking year for eNett award wins

eNett International, a leading provider of B2B payment solutions for the travel industry, took home eight awards in 2017. These included four International Business Awards, two Global Business Excellence Awards, an International CSR Excellence Award and a TravelMole Award.

Read more

20 November 2017

eNett exceeds its fundraising target for Mellon Educate’s ‘Building Blitz’

eNett International, a leading provider of dedicated B2B payment solutions, exceeds its fundraising target for Mellon Educate’s ‘Building Blitz’ in South Africa. This is part of its “Repay the eNett Way” annual CSR initiative.

Read more

31 October 2017

A look back at ITB Asia 2017

eNett had its biggest ever presence at ITB Asia. Here are the highlights in pictures.

Read more

27 October 2017

eNett voted Best Travel Payment Solution Provider at Travelmole Awards 2017

eNett International wins Best Travel Payment Solution Provider at the Travelmole Awards for the second year. The TravelMole awards are the main award event for the Asia Pacific travel industry to recognise the best web, social, mobile and travel technology deployments.

Read more

26 October 2017

User Interface upgrades coming soon

We’ve been busy building an updated UI to make visibility of your VANs clearer than ever.

Read more

16 October 2017

New self-help portal coming soon....

We're enhancing the eNett Payments Portal so you can make changes fast and easy

Read more