eNett International Adds Pesos to Currency Suite for Lower Cost Payments to Mexican Suppliers

SINGAPORE, April 6, 2017 /PRNewswire/ --

eNett international, a leading provider of B2B payment solutions, has added local funding and settlement in Mexican Pesos to its currency suite - one of the broadest in the industry. This means international travel agencies can generate Virtual Account Numbers (VANs) in Pesos and settle locally, saving up to 3% on each transaction compared with traditional payment methods^[1].

The Mexican tourist industry is growing twice as fast as the industry average^[2], with 2016 seeing a record-breaking 35 million international visitors to Mexico^[3]. In line with increasing demand for payments into Mexico, new and existing customers can now pay into an MXN account and make fast, safe and easy payments to Mexican suppliers. Local agents will also be able to lower the cost of international transactions by using VANs to pay any global supplier who accepts MasterCard online.

eNett Managing Director and CEO, Anthony Hynes, said, "Mexico is a fast growing and important market for travel companies across the globe. We support our customers with their international expansion by lowering transaction costs, and local funding and settlement is a huge part of this. It means travel companies can avoid the extra fees and charges that come with traditional payment methods such as bank transfers. Added to the lower fraud risks of using VANs, and greater efficiency through automation, it's little wonder that support for VANs has doubled in the past three years^[4]."

An eNett VAN is a unique 16-digit MasterCard number travel agents can use to pay suppliers securely. Providing the only low-cost virtual card solution specifically tailored to the travel industry, VANs solve the challenges of industry pain-points - especially international payments. eNett VANs can be generated in 32 currencies and support transactions in over 100 currencies via a wide range of FX options designed to reduce costs. Offering solutions including local funding and settlement, through to real-time conversion^[5] that allows agents to lock-in rates at the time of booking, eNett puts control of the transaction back into the agent's hands. And by eliminating the need to set-up expensive banking arrangements in each jurisdiction, eNett enables agencies to expand their reach without increasing their cost base.

About eNett International 

eNett creates awesome payment solutions that benefit our customers, their customers and us.

We're B2B payments game changers. Our products are innovative. Our service is fast. Our customers' transactions are safe. And we're easy to deal with. 

We listen to our customers and fix things that should work better. Our lower cost payment solutions provide a better experience and help them grow. 

eNett's secure Virtual Account Numbers (VANs) allow travel agencies to generate a unique MasterCard number and pay suppliers from within their booking flow. Our exclusive, long-term partnership with MasterCard provides access to the world's fastest payments processing network and 39.5 million payment locations worldwide wherever MasterCard is accepted online.

We're majority owned by Travelport, which is listed on the New York Stock Exchange, and our VANs are seamlessly integrated into its Travel Commerce Platform.

Further strengthened by our global banking services partner and shareholder Optal, eNett's fast, easy and safe payments solutions are relieving the pain of payments for the global travel industry. 

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1. eNett analysis of bank fees and charges

2. World Tourism Organization (UNWTO), January 2017.

3. Mexico Tourism Board, Feb 2017 [ http://www.prnewswire.com/news-releases/mexico-welcomed-record-breaking-35-million-international-tourists-in-2016-300415091.html ]

4. Phocuswright payments unsettled report Europe 2017

5. Available in select currencies only

SOURCE eNett International