Sri Lanka joins amended IATA Billing and Settlement scheme

Sri Lanka is now in line with the global industry trends after deciding to follow the new Billing and Settlement Plan (BSP), according to a statement issued by the Board of Airline Representatives (BAR) Sri Lanka.

BSP is an accounting mechanism through which IATA member airlines and accredited agents worldwide process their business transactions. Originally introduced over 25 years ago, BSP has undergone several enhancements which have contributed to improved ac- counting efficiency and a boon to agents and airlines alike, the BAR statement said.

“In Sri Lanka, BSP has been in operation since 2006 and has itself undergone some changes, the most recent of which is a change to the reporting and settlement frequency.

Effective 01 July 2013, this has become seven days, which was unanimously agreed between the participating airlines and travel agents. The decision for change was taken three years ago and after careful deliberation and discus- sion between the stakeholders, implementation stayed until July 2013,” it said.

BAR said that as Sri Lanka outbound travel services grow with a range of products that travel agents now offer which include visa services, tours, cruises, special interest groups in addition to business and leisure air travel, this important change would now pave the way for the agents to transform their business models and provide their client with enhanced service levels and value added propositions.