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MasterCard and eNett International take partnership global.
Singapore, 11 June 2014: While international tourism expanded by five percent in 2013 (UN World Tourism Organization), many travel agents and providers such as airlines and hotels leave money on the table by relying on inefficient ways to make and receive Business-to-Business payments. According to research by PhoCusWright and eNett analysis, manual payments handling and reconciliation cost the travel industry over USD1.5 billion per year.*
Aiming to provide more efficient payments solutions for the travel industry, MasterCard and eNett International have extended their partnership, reaffirming their joint commitment to redefine travel payments globally. Research by MasterCard and Kaiser Associates revealed that card-based travel solutions can be up to 37% cheaper than other payments methods such as cash, cheque and Automated Clearing House (ACH) networks.
Over the past three years, MasterCard and eNett International have helped travel agents, airlines, hotels and travel wholesalers across 47 countries to optimise their payments process, reducing cost and improving their cash-flow. Using unique MasterCard Virtual Account Numbers (VANs), eNett, a Travelport joint venture, provides travel companies with a fast, easy and secure way to pay, or to be paid, enabling automated reconciliation at point of sale.
“Since launching in 2011, eNett VANs have continued to gain great traction in Europe,” said Anthony Hynes, eNett International Managing Director and CEO. “And now, as our solution gains momentum in more markets around the world, we are delighted that MasterCard shares our ambition to redefine payments across the entire travel industry value chain.”
“Our strategic partnership with eNett leverages our respective assets and unlocks value for all players in the travel industry,” said Hany Fam, President of MasterCard Enterprise Partnerships. “This innovative payment solution powered by the speed and intelligence of MasterCard’s global network massively reduces friction and improves the bottom line of travel service providers.”
*eNett analysis of PhoCusWright Payments Unsettled Report 2013.
About eNett’s Virtual Account Number (VAN)
A VAN is an automatically generated 16-digit MasterCard number. A unique number is generated at every booking to ensure supplier payments are processed quickly and safely, enabling automated reconciliation at point of sale. It is safer, more secure and seamlessly integrated within all Travelport GDS and points of sale.
About eNett International (www.enett.com)
eNett International is a global provider of dedicated payment solutions for the travel industry. A joint venture between Travelport and PSP International, eNett uniquely connects travel industry specialisation with payments expertise through a payments platform that reduces risk, improves reconciliation and produces financial, data and efficiency rewards. Our partnerships with Travelport – one of the world’s largest GDS provider – and MasterCard, supply us with unparalleled reach across the travel industry. www.enett.com/CostofPayments.aspx
About MasterCard MasterCard (NYSE: MA)
Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.