IATA announced implementation of the new generation of settlement systems
- Facilitate global distribution and settlement of funds between travel agencies and airlines.
Last year, the BSP processed $ 219 billion in funds airlines with 100% settlement on time.
"The implementation of NewGen ISS is a major step in the industry's global air transport to ensure that BSP continues to meet the requirements of financial settlement industry in the coming years. Itis the culmination of a multi - year commitment with an industry that includes airlines, travel agents and vendors and systems. provide greater choice and flexibility to our travel agents, while further provide financial security for airlines , "said Aleks Popovich, Senior Vice President, Finance and Distribution IATA.
Last year, the PAConf approved the development and introduction of three pillars of NewGen ISS comprising:
Three levels of accreditation travel agent, offering greater flexibility. Travel agents can choose the most applicable to your business model, as well as convert between models as their business evolves.
- IATA EasyPay: a voluntary solution eWallet payment application for issuance of air tickets in the BSP offering a lower cost per transaction. As secure payment transactions IATA EasyPay are not part of cash sales of a travel agent at risk. This allows travel agents a means to reduce their amount of financial security maintained with IATA, and to issue transactions that are not included in their ability BSP remittance.
Global Default Insurance: An optional alternative financial security for travel agents presents a cost - effective and flexible alternative to bank guarantees and other types of security.
Retention capacity remittances: These three pillars now one quarter is added. Retention capacity Remittance (RHC) is a risk management framework that allows a safer sale and mitigates losses from defaults travel agencies. For most travel agencies, the RHC is calculated based on the average of the three highest reporting periods of the previous 12 months plus 100%. In addition, there will be measures to enable travel agents to manage their RHC and continue selling safely in case you reach your RHC. A travel agent group and a group of airlines have been working collaboratively in RHC last year.