Norway Goes Live with NewGen ISS System
It was recently announced by the International Air Transport Association that Norway has become the first market to introduce and implement the New Generation of Settlement Systems for the IATA known as NewGen ISS.
The Passenger Agency Conference adopted the NewGen ISS in November last year.
The new system becomes the most extensive modernization of the Billing and Settlement Plan (BSP) since its inception by IATA in 1971. The BSP was devised and created to facilitate the worldwide settlement and distribution of passenger funds between airlines and travel agents.
As of 2017, the Billing and Settlement Plan had processed $236.3 billion in airline funds with on-time settlements at an average of nearly 100%.
Senior Vice President, Financial and Distribution Services for IATA, Aleks Popovich said, “As the first market to implement NewGen ISS, travel agents and airlines in Norway are in the vanguard of a vital transformation to modernize the industry’s settlement functions while ensuring the viability of the travel agent shopping channel used by millions of passengers every day. While Norway is a relatively small travel market, it is technologically advanced and has a history of embracing new solutions, making it the ideal environment to go live with NewGen ISS.”
A new innovation named the Transparency in Payments (TIP) initiative will also be rolled out first by Norway who plans to launch it next month.
The Transparency in Payments program concentrates on providing airline companies with complete control and improved transparency for the collection of their payments through sales made by travel agents. Travel agents will also benefit from the new forms of payment for customer funds remittance.
“NewGen ISS go-live in Norway represents the culmination of years of planning, engagement and effort with participants across the air travel value chain, including airlines, travel agents, and IT and system providers. Congratulations to all our partners in Norway who have worked with us to achieve this milestone,” Mr. Popovich said.