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."