In the dynamic world of aviation, an efficient and centralized global cash management is essential for airlines, keeping them soaring smoothly through global currency landscape. ICCS provides such service to its 300+ satisfied customers, operating in 130+ marks and 70+ currencies. Its customers are benefiting from:
- Greater control over their global fund repatriation with one centralized system.
- Improved working capital management and reduced foreign exchange risk with accelerated repatriation of foreign sales.
- Improved cashflow predictability with a standardized ICCS settlement calendar and its planning with advanced access to receivables information.
- Eliminated requirement of a local bank account, reduces bank fees and transfer charges and saving time on international banking activities.
- Additional flexibility with split payments option allowing to remit either full or part of the proceeds to Headquarters.
- Reduced currency conversion costs as per the transparent and favourable FX Policy, executing worldwide against most liquid fixing times and widely used reference rates.
Additionally, ICCS offers:
- Credit Card Sales repatriation: applicable to both BSP and direct credit card proceeds, with the ICCS FX rates applied and in accordance with its user foreign exchange needs. ICCS already processes American Express, other local and central acquirers will be accommodated upon demand. To use this feature, an airline first agrees with their acquirer(s) to settle to IATA’s bank account on their behalf.
- GSA Sales repatriation: ICCS service for airlines’ GSAs is already activated in 20 markets and can be accommodated further upon demand.
- Third-party payments: ICCS can be instructed to settle part (percentage or in fixed amount) of the sales proceeds to third-parties or settle a specific amount as an ad-hoc instruction in an exact cycle. This gives airlines even more flexibility to transfer partial local sales proceeds to cover expenses or buy local currency when needed.
For more ICCS insights from Muhammad Albakri, IATA’s SVP for Financial Settlement and Distribution Services, please refer to the recent Airlines Magazine article.
