The International Air Transport Association (IATA) has signed an agreement with PayCargo to launch a new payment and settlement system for the air cargo sector.
Called The IATA-PayCargo System, the system aims to facilitate online payments and immediate access to settlement data.
This partnership builds on the two companies’ existing relationship, which started in 2017.
Under the previous agreement, IATA’s US unit Cargo Network Services (CNS) and PayCargo launched the PayCargo-CNS System, an online payment platform for imports in the US.
Currently, IATA represents 82% of total air traffic. Earlier in January 2019, the association announced the completion of the first IATA Pay ticket purchase transaction in a live test environment.