IATA NewGen ISS approval

IMPLEMENTATION of the most extensive and ambitious modernisation of the International Air Transport Association (IATA) Billing and Settlement Plan (BSP) has been given the green light.

Approved by the Passenger Agency Conference (PAConf), composed of IATA’s member airlines, the next generation of IATA Settlement Systems has been dubbed the NewGen ISS initiative.

Last year PAConf approved development and introduction of three pillars of NewGen ISS, including three levels of agent accreditation, IATA EasyPay and Global Default Insurance.

This update is promised to transform agent-airline settlements with the addition of The Remittance Holding Capacity (RHC), a risk management framework “to enable safer selling & mitigate losses resulting from travel agency defaults”.

In addition, provisions have been included related to Transparency in Payments (TIP), a new industry initiative which reveals the different features and costs associated with each form of payment and agent remittance of airline funds.

“Transparency in Payments provides a pro-competitive framework for bilateral arrangements between airlines and travel agents that will facilitate the introduction of new and innovative payment solutions,” said IATA senior vice pres financial and distribution services Aleks Popovich.

NewGen ISS and Transparency in Payments will be rolled out progressively from Mar 2018.