The agreement will see eNett integrate into Conferma’s global travel payment network, which provides financial institutions and payment solutions providers with point of sale integration into the world’s leading travel management companies, global distribution systems, self-booking tools and online travel agencies.
eNett, a global provider of dedicated B2B travel payment solutions, enables travel companies of all sizes to pay suppliers with the latest in virtual card technology. Through this new partnership, small and medium sized travel management companies on Conferma’s payment network will now be able to make supplier payments using eNett Virtual Account Numbers (VANs).
VANs are automatically generated MasterCard numbers for supplier payments, and eNett’s unique cash-collateralised model means all agencies can easily access cutting edge payments technology to reduce risk, improve reconciliation and generate financial, data and efficiency rewards.
With manual payments handling and reconciliation costing the industry US$1.5 billion1 each year, virtual cards help agencies automate their processes, cutting handling times and costs, enabling them to save between US$300 to US$6,0002 a week.
Virtual cards also reduce risk from fraud and supplier default. By using unique card numbers generated against defined booking and payment parameters, they ensure adherence to corporate travel policies over usage and spend.
eNett VANs are available in 27 currencies, 15 of which are locally funded and settled, enabling lower cost foreign exchange. In addition, users can earn rebates as soon as they start transacting.