Singapore, 6th September 2016:
eNett has partnered with International Travel Partnership (ITP), one of the world’s fastest growing networked alliances of independent Travel Management Companies (TMCs), to expand the use of eNett Virtual Account Numbers (VANs) across its global partner network of 59 TMCs.
With supplier payments a time consuming and often manual task, ITP sought a solution that would streamline the process and bring greater efficiency to its TMC partners. Minimising the risk of fraud was also a key objective, with thousands of transactions being carried out daily throughout the network.
An eNett VAN is a unique, automatically generated MasterCard number used for supplier payments. VANs integrate with leading accounts and booking platforms allowing agents to pay suppliers from within their booking flow and automating reconciliation – delivering significant cost and time efficiencies. TMCs can also set payment parameters such as merchant type, enabling them to better enforce travel policies as well as guarding from misuse and fraud. VANs also return a rebate on transactions1, adding an income stream to an already low cost of payment.
ITP Director of Products and Services, Virginia Palla, said, “We are always looking for innovative solutions that can bring real benefits to our partners. Supplier payments take up a huge amount of time and resource, which can be better spent on customers. VANs provide the perfect solution, automating the process and integrating with existing booking and payment systems allowing our TMCs to make payments within the workflow – saving time and money.”
eNett Managing Director and CEO, Anthony Hynes, said, “Our own analysis has shown travel companies could be spending up to €4,500 a week on manual reconciliation and related functions. As well as cost, there’s the time wasted on processing payments and increased chance of human error. VANs eliminate the need for manual reconciliation altogether, while streamlining the payments process to make transactions simple and easy. I look forward to working with ITP in rolling out VANs across its entire global network.”
- eNett VANs terms and conditions apply
- eNett analysis of Phocuswright Payments Unsettled Report 2013
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. Furthermore, 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.
About ITP – International Travel Partnership
ITP is one of the world’s fastest growing networked alliances of independent travel management companies with a strong portfolio of multinational corporate clients. It is a consortium in which most travel management companies are locally owned and managed and each is a market leader. Each ITP partner is able to combine the care and attentive service required on a local basis with a full travel management service for multinational clients.
For media enquiries:
Senior Communications Manager
ITP – International Travel Partnership Ltd:
Director of Products and Services