The use of eNett virtual account numbers (VANs) is to be expanded by International Travel Partnership across its global partner network of 59 independent travel management companies.
The move follows ITP seeking a solution to streamline the time consuming and often manual process of handling supplier payments and bring greater efficiency to its TMC partners.
Minimising the risk of fraud was also a key objective, with thousands of transactions being carried out daily throughout the network.
An eNett VAN is a unique, automatically generated MasterCard number used for supplier payments.
VANs integrate with leading accounts and booking platforms allowing agents to pay suppliers from within their booking flow and automating reconciliation o deliver cost and time efficiencies.
TMCs can also set payment parameters such as merchant type, enabling them to better enforce travel policies as well as guarding from misuse and fraud.
VANs also return a rebate on transactions, adding an income stream to an already low cost of payment, according to eNett.
ITP products and services director, Virginia Palla, said: “We are always looking for innovative solutions that can bring real benefits to our partners.
“Supplier payments take up a huge amount of time and resource, which can be better spent on customers.
“VANs provide the perfect solution, automating the process and integrating with existing booking and payment systems allowing our TMCs to make payments within the workflow – saving time and money.”
Managing director and chief executive of eNett, Anthony Hynes, added: “Our own analysis has shown travel companies could be spending up to €4,500 a week on manual reconciliation and related functions.
“As well as cost, there’s the time wasted on processing payments and increased chance of human error.
“VANs eliminate the need for manual reconciliation altogether, while streamlining the payments process to make transactions simple and easy.”