2012-09-04 — /travelprnews.com/ — MasterCard Worldwide and eNett International have signed a partnership agreement which provides innovative payment and reconciliation solutions for the travel industry through the use of Virtual Account Numbers (VANs). The partnership aims to facilitate high volumes of global payments over a 5 year period and sets MasterCard up as the exclusive payment partner for all eNett VANs generated in Europe.
eNett International – a Travelport joint venture – is a global provider of specialist payment solutions for the travel industry. “eNett VANs have been gaining great traction in the European market already and this partnership further reinforces the confidence in this product as a solution for B2B travel payments” said Anthony Hynes, eNett International Managing Director and CEO. “We are delighted to have the backing of such a driving force in commercial payments.”
MasterCard’s European Strategic Alliances team recognized the opportunity for eNett VANs, which meet the needs of the travel industry for faster, more secure payment methods which simultaneously provide improved payment to invoice reconciliation.
“Our businesses are well aligned” said Hany Fam, President of Strategic Alliances at MasterCard. “The innovation borne out of eNett’s agility and technical capabilities, combined with MasterCard’s network and enablement functions, will provide substantial benefits for the global travel industry. At a time when the pressure is on to cut costs and increase revenue, new and innovative payment technology like eNett VANs will not only enable agents to focus on revenue generation rather than admin, they will reduce risk and help businesses to get much more out of the valuable data that is in their possession.”
For more information on this partnership or to learn more about eNett VANs, please visit www.enett.com/mastercard.
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Notes to editors
About Virtual Account Numbers (VANs)
VAN stands for Virtual Account Number. The eNett Payments Platform issues a 16 digit MasterCard VAN for a specific value or limit, to facilitate a payment to a supplier for a transaction or set of transactions. The VAN behaves like a normal MasterCard when processed by the supplier so there is no impact on their systems.
Safe and secure, VANs are seamlessly integrated with supplier websites, the GDS and self-booking tools to provide process efficiencies across the value chain as well as automated reconciliation at point of sale.
About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates 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 Conversations Blog and subscribe for the latest news.
About eNett International (www.enett.com)
eNett International is a global provider of specialist payment solutions for the travel industry. A joint venture between Travelport and PSP International, eNett is transforming the world of payments through a single payment platform that provides enriched data, reduces risk, improves cost control and enhances revenue.
Our partnership with Travelport, one of the world’s largest GDS providers, together with other strategic and direct relationships, provides us with unparalleled reach across the travel industry.
For media enquiries:
eNett International: Marijke Timmers, Head of Marketing & Communications
Email: marijke.timmers@enett.com