LBF Travel Inc., a leading global travel technology company, has partnered with eNett International to integrate Virtual Account Numbers (VANs) into its payments workflow. With over 600 employees in the USA, India, the U.K., and Thailand, VANs will enable the company to save time and money through automated payment processing and reconciliation, while also benefiting from eNett’s extensive currency and local settlement capabilities.
LBF Travel assists travellers in planning and booking the best trips. LBF’s consumer brands include SmartFares, Travelation and HotelWiz. With thousands of daily bookings and supplier payments made across the world, LBF Travel wanted to make payments directly from its existing systems, gaining substantial time efficiencies by reducing manual processing and automating reconciliation. eNett provided a solution with VANs.
A VAN is an automatically generated, unique 16 digit MasterCard number used for supplier payments. eNett’s comprehensive API seamlessly integrated with LBF Travel’s existing systems, allowing it to get up and running quickly and easily. Employees can now make multiple hotel and airline payments globally without having to leave their desktops, delivering significant time efficiencies, and lowering costs through automated 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.”
Offering 30 currencies, 16 with local settlement capabilities, provides travel companies with more control over rates and timings when managing foreign exchange. 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.
eNett Managing Director and CEO, 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. In addition, travel companies can earn a rebate for every transaction1, generating a new revenue stream while reducing costs and risks.