New company to provide payment solutions
Travelport has formed a new joint venture company with PSP International to offer an integrated payments solution to the travel industry.
Travelport said it held a majority stake in the new venture company which will be branded "eNettTM, A Joint Venture with Travelport."
It said the multi-million dollar joint venture would combine PSP's payment and settlement services with Travelport's worldwide travel distribution capabilities.
The IT company said the project would use its "position with the on and off-line travel agency community and its global brand in the sector."
Before the new deal which was signed in June and announced today (July 7), the two companies have worked together since 2003.
Anthony Hynes, who founded PSP in Australia in 2003, will be ceo of the new company with PSP's payments expert Rob Bishop will also join the six-strong board as executive director.
Travelport, whose subsidiary Travelport GDS owns Galileo and Worldspan, will have four board members, among them Keith Woodcock, senior vp for new business development for Travelport GDS.
Gordon Wilson, Travelport's GDS's president and ceo, said one of his company's aims was to build adjacent businesses which helped their clients.
He added: "The payment and settlement business is a multi-billion US dollar industry and with eNett's innovative suite of payment and settlement solutions, we believe we can take out some of the inefficiencies that currently exist today.
"Moreover, the joint venture will meet customers' desire for tailored payment solutions with a stronger focus on cost, reduced risk and faster settlement across the broadest array of travel products."
Mr Bishop said: "eNett's scope and depth go well beyond what is currently available in the marketplace.
"The eNett joint venture helps travel customers simplify their businesses by providing payment solutions that supports both air and non-air transactions. Other payment and settlement systems generally do one or the other but not both."
www.travelport.com