Geneva - The International Air Transport Association (IATA) announced key milestones toward implementing the New Generation of IATA Settlement Systems (NewGen ISS). Edenred and Multiservice Technology Solutions (MSTS) were selected to implement the IATA EasyPay payment solution for travel agents in more than 100 markets, while Euler Hermes was appointed as the Global Default Insurance provider. IATA also announced that Featurespace was selected to provide a risk management and fraud protection solution. NewGen ISS is a program launched by IATA to ensure the continued relevance and value of the IATA Billing and Settlement Plan (BSP) to travel agent and airline customers.
IATA EasyPay
IATA EasyPay is a dedicated e-wallet that IATA-accredited travel agents can set-up and fund to pay for airline tickets issued through the BSP. This voluntary "pay as you go" method will be in addition to traditional cash remittances and credit cards. Funds are secured at the time of ticket issuance.
In addition to providing greater payment flexibility, IATA EasyPay will enable the introduction of a new, simpler form of agent accreditation. It also will allow agents to reduce their financial security requirements with IATA and to safely sell beyond their cash capacity. For airlines, IATA EasyPay represents a fast, secure and cost-effective payment solution.
Edenred and MSTS will partner with IATA to facilitate the global delivery of the IATA EasyPay system. IATA EasyPay is expected to be piloted in the first BSP markets in the Nordic countries during the third quarter of 2017.
"We are pleased to join with Edenred and MSTS to deliver IATA EasyPay which is a cornerstone of NewGen ISS. Working together, we will be able to provide a convenient pay-as-you-go option to more than 58,000 IATA-accredited travel agents, enabling them to take advantage of new and more efficient forms of electronic payments," said Aleks Popovich, IATA’s Senior Vice President of Financial and Distribution Services.
Global Default Insurance
IATA also selected Euler Hermes, an Allianz company, to be the provider of a new, voluntary type of financial security for travel agents in the form of Global Default Insurance (GDI). If required to provide a financial security, agents will be able to apply to obtain cover under GDI for the amount of security requested by IATA. Already launched and available to travel agents in several European markets, GDI will be progressively rolled out across the BSPs over the next 18 months.
"Working with Euler Hermes we will be able to offer our travel agent partners more flexibility and choice of financial security while helping to reduce default losses for airlines," said Popovich.
