SOUTH African agents
are now able to use
rand-denominated VANs
(Virtual Account Numbers)
for international payments,
following the conclusion
of successful negotiations
with the SA Reserve Bank
with regard to local currency
controls.
This announcement was
made by eNett ceo and md,
Anthony Hynes, who explained
that local agents were
previously limited to using
VANs for domestic payments
only. “Now travel agents can
use VANs anywhere in the
world where MasterCard is
accepted.”
He explains that VANs, which
some refer to as virtual cards,
are already fairly popular
within SA due to the various
benefits associated with them.
“While fraud reduction is a
key benefit, VANs also offer
an element of insurance, as
they are processed in exactly
the same way as credit
cards, which means agents
have the benefit of charge
back protection if a supplier
defaults,” says Anthony.
He adds that there are also
huge benefits in terms of the
efficiencies that come along
with VANs, due to automated
reconciliation processes.
In terms of the roll-out
to local agents, Anthony says
the plan is to continue to
meet with agencies directly.
“We have found that the
personalised, direct approach
is very powerful.”
