IATA clarifies remittance process for travel agents in BD

- A Monitor Desk Report 20 Jun, 2020 | 556 Views|-+
Dhaka: The International Air Transport Association (IATA) has sent an advisory to the travel agents in Bangladesh on the payment method used to remit funds through the Billing and Settlement Plan (BSP) to be settled to the airlines.

Currently, the BSP remittance process allows travel agents to remit funds either by cheque, or electronic funds transfer.

In the advisory, IATA has urged the travel agents to clear funds (i.e. funds must be available in the IATA BSP bank account) by close of business of the clearing bank on Remittance day.

Depending on the method of payment to the IATA BSP (particularly cheques), travel agents may need to initiate payments to IATA before remittance date to ensure payments/funds are cleared and available in the IATA BSP Bank account on Remittance day, the advisory added.

"This will avoid irregularities being recorded against your agency," it read.

It further stated that if travel agents are paying by company cheques, then they must cheque urgently with their banks on the number of days required for the cheques to be cleared and funds available in the IATA Bank Account since the travel agents must have to ensure the funds are cleared in time on Remittance day.

There will be no exception in the compliance to these requirements which will take into effect from August 23, said IATA in the advisory.

Travel agents are further advised to refer to their respective BSP Calendar in the IATA Customer Portal.

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