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Marking the fourth anniversary of its Virtual Account Number (VAN) product, eNett has secured a partnership with global travel company MetGlobal.
Since launching VANs in 2011, eNett International, a joint venture between Travelport and PSP International, has seen rapid expansion, with full year revenue increasing by almost 50% in 2014 on the previous year, according to the company.
MetGlobal is a wholesaler of hotels and travel services, and uses its inventory to supply travel agencies.
It will now use eNett’s VANs – automatically generated MasterCard numbers – for supplier payments. They are designed as a secure way to pay or be paid, and can be used anywhere MasterCard is accepted.
MetGlobal’s sister brand is HotelsPro. Mustafa Korkmaz, managing director, said: “We wanted a solution that could generate real benefits for our company, in terms of saving time and lowering costs.
“VANs have succeeded in doing just that, and the API made integration simple. The instant nature of VANs also means we are able to offer our customers dynamic rates and discounts, while not having to worry about reconciling transactions at the end of the month.
He added: “eNett provides excellent support when we need it. Besides which, the team love the reporting capabilities and the transparency and reliability of the transactions.”
Backed by the MasterCard guarantee, VANs provide protection against fraud and supplier default. Travel companies can also earn a rebate for every transaction.
Anthony Hynes, managing director at eNett, said: “The estimated $1.5 billion annual cost of manual reconciliation makes efficient payment automation critical.
“VANs address this directly, offering unrivalled integration to streamline and automate the payments process.”