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Travelport PSP Announcement

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Travelport PSP Announcement NEWS RELEASE Travelport and PSP International Form Payment Solutions Joint Venture New multi-million dollar joint venture provides payment and settlement services specifically for the travel industry, embracing both air and non-air transactions Langley and London, UK, 7 July 2009 -- Travelport has entered into a strategic relationship with PSP International to form a joint venture company to provide state-of-the-art innovative and integrated payment solutions tailored specifically for the travel industry. The joint venture, in which Travelport holds a majority stake, was completed on June 24, 2009. The joint venture will be branded “eNett™, A Joint Venture with Travelport.” It leverages the existing successful payment and settlement capabilities already established by PSP International in the Pacific region with Travelport’s world-wide travel product distribution capabilities and significant airline, rail operator, hotel and car rental relationships. The joint venture 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 in the travel industry, such as low cost carriers (LCCs), who desire to distribute their products through the travel trade, 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. “One of Travelport’s stated goals is to build adjacent businesses that will help power our clients’ success,” said Gordon Wilson, President & CEO,Travelport GDS. “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,” Wilson added. “eNett’s scope and depth go well beyond what is currently available in the marketplace,” said eNett newly appointed Executive Director, Rob Bishop. “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,” Bishop added. The eNett joint venture will have four designated Travelport board members, including the Chairman, Keith Woodcock, Senior Vice President New Business Development of Travelport GDS. Two PSP directors will serve on the joint venture board - leading payment expert, Rob Bishop, will join the joint venture as Executive Director, while PSP founder Anthony Hynes will assume the role of Chief Executive Officer. PSP was formed in Australia in 2003 and has established relationships with leading travel service providers, airlines and logistics firms. Travelport GDS owns the global distribution system (GDS) business that includes the Galileo, Apollo and Worldspan platforms and provides mission critical systems to a number of the world’s leading airlines such as Delta, United, Emirates and Air New Zealand. -end- About Travelport Travelport is one of the world's largest travel conglomerates, offering broad-based business services to companies operating in the global travel industry. The company is comprised of the global distribution system (GDS) business that includes the Worldspan and Galileo brands; GTA, a leading global, multi-channel provider of hotel and ground services; IT Services and Software, which hosts mission critical applications and provides business and data analysis solutions for major airlines. With 2008 revenues of US$2.5 billion, Travelport operates in approximately 160 countries and has over 5,500 employees. Travelport also owns approximately 48% of Orbitz Worldwide (NYSE: OWW), a leading global online travel company. Travelport is a private company owned by The Blackstone Group, One Equity Partners, Technology Crossover Ventures and Travelport management. About eNett International eNett International, a joint venture with Travelport, is a leading provider of innovative, integrated payment solutions, tailored to meet the needs of the travel industry with a current market focus spanning geographically across Asia (including Australia and New Zealand), Europe and the USA. eNett payment solutions include credit card processing, EFT/direct debit processing, merchant services and issuing of virtual account numbers for instant accounts payment. These solutions are offered via web-based technology and can be accessed as an independent system or integrated with a multitude of accounts payable/ receivable systems. A key component of eNett’s offering is the central collection and distribution of data related to payments, delivering process efficiencies by minimising document handling, reconciliation and other manual processes. PSP International Following the travel joint venture with Travelport, PSP International will continue to provide payment solutions tailored to specific verticals, with a continuing commitment to ‘ComPay’, a solution tailored to the logistics industry targeting importers, exporters, wholesalers, retailers, road transport companies and freight forwarders. PSP’s payments solutions include real-time reconciliation, batch processing and comprehensive reporting resulting in significant process efficiencies. The system allows users to process credit card or debit payments, which reduces costs and provides significant process and resource efficiencies. PSP International Plc is an unlisted public company based in the United Kingdom. For media enquiries: Travelport GDS Kate Aldridge, Director, Corporate Communications, EMEA +1753 288720 or [email protected] eNett™ Rob Bishop, Executive Director +61 418 600 479 [email protected] or [email protected] .
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