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Vneshtorgbank and the International Air Transport Association (IATA) sign a Settlement Services Agreement

22 December 2005

Vneshtorgbank and the IATA have agreed to launch a billing and settlement plan (BSP) in air transport.

Under the Agreement, Vneshtorgbank shall act as a BSP settlement bank.

The IATA BSP is applied in 147 countries (starting from 1971) and has proved to be a sound settlement system making sales, settlement and reporting procedures for market participants easier and less costly.

BSP enables to offer higher customer services both to air companies and ticket agencies; it has also some important competitive advantages as compared to current market practices.

Once integrated in the Russian market, the BSP will help upgrade the existing technology infrastructure of sales and settlement market in air transportation, as well as improve reporting and payment risk management.

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