Financial Services Development Working Group
The Financial Services Development Working Group acts as advisor to the Financial Committee and other IATA bodies on strategy related to the Industry Financial Services and Settlement Systems. It also helps develop financial standards supporting airline financial processes.
Areas of Activity
- Maintaining global oversight and providing a consultative forum between IATA and member airlines with regards to IATA’s financial services and settlement systems to ensure that those systems continue to provide cost effective, high quality settlement services that are relevant to IATA members’ needs.
- Advising IATA on the enhancement, and further development of the financial services and settlement systems, including in the expansion into new markets where relevant, and aligned to other Industry development.
- Reviewing any audit or risk areas related to the financial services and settlement systems and advising on possible actions to mitigate.
- Providing guidance to IATA in respect of the pricing policies for the operation of the Passenger Settlement system.
- Reviewing the recommendations of the Cargo Committee in respect of the Cargo settlement systems, to assess any potential impact on the overall ISS operation.
- Reviewing the recommendations of SIS Steering Group in respect of the SIS operations, in particular to assess any potential impact on all financial services.
- Advising IATA on the development of simplified revenue accounting methods in the industry.
- Advising IATA on developments, objectives, and policy implementation related to Industry financial standards and services supporting airlines financial processes.
- Promoting the standardisation and simplification of industry financial processes.
- Supporting and developing initiatives identified by the Financial Committee as priorities.
- Monitoring actions by other industry groups that may have implications on billing and settlement and recommending appropriate liaison.
- Ensuring co-ordination of their activities with those of the Interline Settlement Operations Working Group, SIS Steering Group, and ASG Group.
Composition and Meetings
The working group is open to IATA member airlines only.
In addition to the standard Financial Committee Working Groups Membership rules the following applies:
- Members should be qualified representatives at VP or Director level within their airlines, with expertise and knowledge of Airline Financial Settlement Processes and Financial Processes Standards. Some members with finance system, Cargo, or Commercial experience should also be included to provide a broader approach.
- The membership shall include airlines using at least one of IATA’s services covered by the remit of the Financial Committee. All services should be represented in the overall membership of the group.
The number of participants is limited to 15 and they meet twice a year (June and November) with monthly conference calls.