Flight Centre Extends eNett Partnership with VANS
November 6, 2014
MELBOURNE, 6 Nov 2014: Flight Centre, Australia’s largest retail travel company with more than 2700 stores in 11 countries, is partnering with eNett, a global provider of payment solutions uniquely tailored to the travel industry, to use Virtual Account Numbers (VANs).
The relationship between the two companies began in 2011 when Flight Centre selected eNett to provide an automated credit and debit card payment processing solution. Both companies share similar paths, starting from humble beginnings as small businesses in the Australian travel industry, and rising into global prominence in their specialist fields. The Australian Securities Exchange listed Flight Centre will now utilise eNett VANs for some of its international supplier payments.
eNett International, a joint venture between Travelport and Optal, offers an innovative payment solution called Virtual Account Numbers (VANs). Because of eNett’s broad and low-cost currency capabilities, Flight Centre’s agents will be able to quickly and easily make domestic and international payments with eNett VANs, from any of Flight Centre’s global locations.
A VAN is a unique 16-digit MasterCard number automatically generated against defined booking and payment parameters for each transaction, making it a highly secure way to pay or be paid. Seamlessly integrated with the Travelport Travel Commerce Platform, VANs can be generated to make immediate supplier payments across 27 currencies, 15 with local settlement capabilities.
eNett’s pay-in accounts allow agencies more control over rates and timings when managing their own foreign exchange. Local funding and settlement will reduce exposure to foreign exchange fluctuations and enable Flight Centre to generate VANs in multiple currencies without the cross border fees charged on each transaction.
eNett Managing Director and CEO, Anthony Hynes, said, We are pleased to be strengthening our relationship with Flight Centre and our shared desire to lower international payment costs.
Our local settlement capabilities, which is one of the broadest in the industry, will provide Flight Centre the most cost-effective solution of managing international payments.
The relationship of our two organisations with Travelport will also enhance connectivity in creating more efficiencies and integration for Flight Centre.
Flight Centre Global Treasurer, Richard Humphreys, said, We look forward to expanding our relationship with eNett and see great potential for the use of VANs across our business.
In addition to the broad currency and low-cost foreign exchange capability, VANs reduce risk from fraud and supplier default, and improve reconciliation. Agents can also earn rebates as soon as they start transacting1.
1. Terms and Conditions apply.
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 TVPTî and its capabilities are integrated into the Travelport Travel Commerce Platform which operates in over 170 countries today. Its other shareholder, Optal, provides banking services to the enterprise. For more information on eNett, visit www.enett.com