IATA extends BSP to Myanmar

IATA has rolled out the Billing and Settlement Program (BSP) in Myanmar from 1 September 2019, which is expected to simplify ticket sales and remittance reporting for participating travel agencies and settlement of sales to airlines.

Prior to the implementation of the BSP, agents in Myanmar had to directly interact with individual airlines to report and remit their ticket sales, which was inefficient and time-consuming. The rollout of the BSP will simplify and standardize the process and format for sales reporting and remittances by agents to airlines.

Shwedagon Pagoda in Yangon Myanmar
IATA launches billing and settlement scheme in Myanmar from 1 September 2019

Through the BSP, airlines and travel agencies will only receive one sales report, IATA said. Travel agencies are only required to pay airlines a lump sum for all sales through the Philippine central bank by the scheduled date. The airline will then receive a consolidated payment from the Philippine central bank.

Conrad Clifford, IATA Asia Pacific Vice President, said: “Aviation is a growing industry in Myanmar. As the country continues to develop and more and more international airlines operate in Myanmar Operating services, the introduction of BSP is at the right time. It will not only improve the efficiency of interaction between airlines and travel agencies, but also modernize and support the development of Myanmar’s tourism industry.”

About 5 airlines and 12 travel agencies are participating in the Myanmar BSP during the launch phase, with more airlines and travel agencies expected to join in the coming months.

Clifford added that in addition to bringing in BSP, IATA also opened its first office in Myanmar in April. “Through this office, we hope to strengthen partnerships with various aviation stakeholders to support Myanmar aviation development by implementing global standards and industry best practices,” he said.

Over the next 20 years, air travel in Myanmar is expected to grow at an average annual rate of 8%, higher than the global average of 3.9%. Myanmar’s air travel market is expected to host 37 million travelers by 2038, nearly five times the current number.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button