Travel technology company LBF Travel has partnered with eNett International to integrate Virtual Account Numbers (VANs) into its payments workflow.
VANs allow for automated payment processing and reconciliation – they are automatically generated, unique 16-digit MasterCard numbers used for supplier payments.
LBF, whose consumer brands include SmartFares, Travelation and HotelWiz, wanted to make payments directly from its existing systems, reducing manual processing and automating reconciliation.
LBF Travel’s vice president of strategic partnerships, Peter Harders, said: “We are committed to offering our customers the best deals when it comes to travel bookings.
“Getting value back from our supplier payments and streamlining processes gives us the efficiency to continue to do so, which is why we chose VANs.
“Supplier payments are now simple, making it easier to work with smaller airlines around the world.
“The local currencies and foreign exchange options also give us additional benefits by keeping costs low.”
Local funding and settlement reduces exposure to foreign exchange fluctuations, enabling travel companies like LBF Travel to generate VANs in multiple currencies without incurring transactional cross border fees.
Managing director and chief executive of eNett, Anthony Hynes, said: “Lowering the cost of international payments is critical for enabling growth for today’s global travel companies.
“We are pleased to be able to support LBF in its business growth, and enabling it to provide the best value to its customers.”
Backed by the MasterCard guarantee, eNett VANs also provide protection against fraud and supplier default.
Travel companies can also earn a rebate for every transaction.