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eNett Partners Cornerstone to Deliver Virtual Card Payment Solution for TMCs

Home Search Send to Friend Latest Travel News Asia Wednesday, 8 October 2014
 

eNett International, a provider of dedicated B2B travel payment solutions, and Cornerstone Information Systems, one of the world’s largest privately held travel technology companies, have partnered to develop a direct hotel billing payment solution for Travel Management Companies (TMCs).

Together, eNett and Cornerstone are now offering TMCs access to Virtual Account Numbers (VANs) via a new integrated hotel direct billing solution that automatically relays payment instructions and data to the hotel.

The solution is available via the Travelport Travel Commerce Platform, as well as other GDSs, and does not require any change to existing back-end systems.

VANs are automatically generated MasterCard numbers for supplier payments and can include payment parameters such as amount, currency, date and merchant, making it a highly secure way to pay or be paid.

 “We developed eNett VANs specifically to address the inefficiencies of travel payments, making innovative and integrated technology accessible to companies of all sizes. The rapid uptake of VANs globally has been driven by a need for new payment solutions to meet evolving industry needs,” said eNett Managing Director and CEO, Anthony Hynes. “We are pleased to be partnering with Cornerstone to tailor the VANs payment solution to enable integrated payment automation and reconciliation for TMCs—a significant process change that will improve profitability.”

By using VANs, TMCs no longer have to use a traveler’s personal or corporate credit card, saving processing time while improving reconciliation, usage, and spend control. VANs also help travel managers better service their corporate clients, providing greater control over their payments by automatically linking these payments to corporate policy and eliminating unapproved charges. Real-time reconciliation connected to Cornerstone’s expense reporting tool significantly cuts time spent by the corporate traveler on laborious reporting processes.

TMCs of all sizes can easily access VANs without the need for lengthy credit assessments, and there is no requirement to change banking relationships and there are even several low-cost FX options available across 27 currencies.

eNett customers can earn rebates for transactions paid with VANs as soon as they start transacting.

See other recent news regarding: Interviews, Pictures, Videos, Cornerstone, eNett

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