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NewGen ISS approved by PAConf, transform agent-airline settlements


Nov 26 2017

The International Air Transport Association (IATA) announced that the Passenger Agency Conference (PAConf), composed of IATA's member airlines, adopted Resolutions for the full implementation of the New Generation of IATA Settlement Systems (NewGen ISS) initiative. NewGen ISS represents 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 $219 billion in airline funds with 100% on-time settlement.

"Implementation of NewGen ISS is a critical step forward by the global air transport industry in ensuring that the BSP continues 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, including airlines, travel agents, and IT and system providers. It will bring greater options and flexibility to our travel agent partners while providing even more financial security to airlines," said Aleks Popovich, IATA's Senior Vice President, Financial and Distribution Services.


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