International Air Transport Association's (IATA) Simplified Interline Settlement (SIS) project aims to standardize, facilitate and expedite interline billing and settlement in the airline industry. To modernize the interline settlement platform in order to simplify this process, International Air Transport Association (IATA) has chosen Kale Consultants as the prime technology supplier for the development of its SIS initiative. This initiative consolidates IATA's vision to streamline the interline settlement process and encapsulates other significant initiatives such as First & Final, Electronic Ticketing and Weekly Settlement.
The SIS initiative envisages significant benefits/cost savings for airlines; from reduction in paper, postage, and courier fees to reduction in manpower cost associated with invoice registration, document preparation, document sorting and transaction level reconciliation. This initiative will also drive faster revenue recognition and better financial information for airlines. It is estimated that over 300 airlines will be using this system after it goes live in 2010.
SIS will generate annual savings of about $500 million, which is critical for the airline industry in the current economic scenario. At its steady state 3 years from today, SIS will handle over 1 million invoices per year, be used by over 300 airlines, support over 3,000 users around the globe and facilitate settlement of approximately $ 50 bn per year for the industry.
In continuation to Part 2 of this series "How to Take Your Biz Online and Beyond", Abhishek M. Gupta, VP (Technology) of Lime Spot Technology, in Part 3, discusses how to increase traffic by by "affiliate marketing". Read on...
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