Travelport signs payment solution JV
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Travelport has entered into a strategic relationship with PSP International to form a joint venture company to provide state-of-the-art, integrated payment solutions for the travel industry. The JV, branded ‘eNett?, A Joint Venture with Travelport’ was completed on 24 June 2009.
The new JV will leverage PSP International’s existing payment and settlement capabilities with Travelport’s worldwide travel product distribution capabilities and significant airline, rail operator, hotel and car rental relationships. It also leverages Travelport’s leading position with the on- and off-line travel agency community and its global brand in the sector. The two companies have enjoyed a strong commercial relationship since 2003.
The eNett suite of products will enable automated payments, settlement and reporting between travel agencies and travel product suppliers, supporting debit cards and other increasingly relevant alternative forms of payment which are not well supported today. It will enable non-traditional players, such as low cost carriers (LCCs), to be able to offer tailored credit and settlement terms. eNett is also working on solutions for corporate travel such as automated hotel bill back generation that save travel management companies (TMCs) and the corporations they service, both time and money.
eNett will have four designated Travelport board members, including the Chairman, Keith Woodcock (pictured left), currently Travelport’s Senior Vice President New Business Development. Two PSP directors will serve on the joint venture board – Rob Bishop, will join as Executive Director, while PSP founder Anthony Hynes (right) will become CEO.
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