IATA Financial Exchange
IATA Financial Exchange is a series of industry initiatives that aim to simplify and standardize back office processes in the air transport industry by leveraging existing or new solutions.
By streamlining key processes, unifying invoicing standards and enhancing service options for the industry, IATA Financial Exchange contributes to foster a simpler and more efficient environment.
The four initiatives are as follows:
The Mobilization initiative is led by airlines with support from IATA and aims to on board invoice senders to submit transactions electronically via SIS e-invoicing. By expanding electronic usage and the IATA e-invoicing standard format (IS-XML) to all airlines’ core suppliers as well as to non IATA airlines including low cost carriers, the initiative addresses the need to reduce the multiplicity of invoice formats and improve the way invoices are posted, reconciled and tracked.
The IATA Treasury Dashboard is a new, dynamic, web based information tool that assists and supports airline treasuries with their Liquidity Planning and Cash flow Forecasting activities, allowing each airline Treasury Team to gain full visibility of their incoming cash flows being processed by each of IATA’s main settlement systems: BSP, CASS, ICCS (IATA Currency Clearance Service) and ICH (IATA Clearing House).
IATA Clearing House (ICH) provides fast, secure and cost-effective settlement services to both airlines and suppliers. Historically, ICH is supported by a number of software applications which have evolved throughout the years the same as participants needs. The new ICH system will address these needs and accommodate amongst others for flexible clearance calendars, more frequent settlements, additional currencies, automation of financial processes whilst using a robust and secure technology. New ICH system will be Live beginning of Q2 2015.
Future of Revenue Accounting
Future of Revenue Accounting (FoRA) leverages the Auto-billing feature of SIS and the industry infrastructures of ATPCO and ARC in order to offer airlines a central solution for valuating all their flown coupons and matching them against the forward sales. This central processing benefits from economy of scale and can be highly standardized.