LAST_UPDATESun, 22 Jul 2018 9pm

IATA Member Airlines Approve Newgen ISS Initiative

KUALA LUMPUR – The International Air Transport Association (IATA) has announced that the Passenger Agency Conference (PAConf), composed of IATA’s member airlines, has adopted resolutions for the full implementation of the New Generation of IATA Settlement Systems (NewGen ISS) initiative.

In a statement today, IATA said, the NewGen ISS represented the most extensive and ambitious modernisation of the IATA Billing and Settlement Plan (BSP) since it was created in 1971 to facilitate the global distribution and settlement of funds between travel agents and airlines.

Last year, the BSP processed US$219 billion (US$1 = RM4.10) in airline funds with 100 per cent on-time settlement, it said.

IATA Senior Vice-President, Financial and Distribution Services, Aleks Popovich, said the implementation of NewGen ISS was a critical step forward by the global air transport industry in ensuring that the BSP would continue to serve the industry’s financial settlement requirements for years to come.

“It is the culmination of a multi-year engagement with participants in the air travel value chain and will bring greater options and flexibility to our travel agent partners while providing even more financial security to airlines,” Popovich said.