CONFERMA and eNett International have joined hands to equip small- and medium-size TMCs on Conferma’s payment network with the ability to make supplier payments using virtual account numbers (VANs).
According to a press release, eNett will integrate into Conferma’s global payment network under the terms of the agreement.
VANs, automatically generated MasterCard numbers for supplier payments, automates the once manual payments handling and reconciliations processes that cost companies between US$300-$6,000 a week.
Furthermore, virtual cards can also improve security by reducing risk of fraud and supplier default.
eNett VaNs are available in 27 currencies, out of which 15 are locally funded and settled for lower cost foreign exchange. Users can start earning rebates once they begin transactions.
Conferma CEO, Simon Barker, said: “Our partnership with eNett will provide a much needed alternative funding model for small- and medium-size TMCs through our global travel payment network.
“Across the travel industry virtual card payments continue to replace expensive and error prone manual tasks with paperless, automated processes. This is a major boost for these businesses (which) will be able to reduce processing costs and free up their people to focus on delivering other customer needs.”
