SAN FRANCISCO, 13 MAY 2015: eNett International, a leading provider of dedicated B2B travel payment solutions, will be outlining the potential of Virtual Account Numbers (VANs) to disrupt payments in the North American travel industry at the Open Travel Alliance Advisory Forum 2015 in Miami this week.
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 automated reconciliation delivering significant efficiency gains.
eNett Managing Director and CEO, Anthony Hynes said, “Since launching VANs in 2011 we have experienced phenomenal growth around the world. There’s huge potential for VANs to disrupt the payments landscape in North America, and with increasing pressure on suppliers and agents to reduce costs, now is the right time for us to drive adoption of VANs in the market.”
In an industry faced with a manual payments and reconciliation cost of US$1.5 billion a year2, VANs provide a solution through automation and integration, allowing agents to pay suppliers from within their booking flow.
eNett recently announced a partnership with Cornerstone Information Systems, one of the world’s largest privately held travel technology companies, to offer an innovative direct hotel billing payment solution for Travel Management Companies (TMCs). The technology automatically relays payment instructions and data to the hotel, significantly reducing costly man-hours which would otherwise have been spent sending information manually.
Barry Landes, Executive Vice President Americas for eNett, will be discussing how VANs can bring solutions to the pain points faced in making supplier payments at the Travel Disruptors Panel on Thursday 14 May, 10:00am -10:30am, at the Open Travel Alliance Advisory Forum in Miami.
1. Terms and conditions apply.
2. 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.