Cross-border B2B payments company eNett International is expanding its reach by adding support for more currencies.
The company said Thursday (March 30) that it will add the Mexican peso, Russian ruble and Turkish Lira to its currency suite in support of cross-border B2B payments for the travel industry. Citing data from Phocuswright, which found that 61 percent of travel agencies issue payments in more than one currency, eNett said the move is an effort to support the expanding cross-border B2B payments space while combating high fees.
According to eNett, travel agencies are paying as much as 3 percent transaction fees on their cross-border payments when using traditional tools like bank transfers.
“Global cross-border eCommerce revenues are estimated to swell from around $80 billion today to $250 billion to $350 billion by 2025,” said Anthony Hynes, eNett managing director and CEO. “International payments strategy should be a high priority for travel companies, with many still paying more on international transactions than necessary.”
“With FX options designed to lower costs, and local funding and settlement avoiding charges, small changes can result in huge savings,” he continued.
The company provides Virtual Account Numbers to facilitate cross-border transactions and lock in FX rates at the time of booking, the company said.
The added currencies come as some analysts and industry players warn SMEs to lock in their FX rates amid politically turbulent times, especially considering Brexit moving forward this week, which is likely to increase FX volatility.