IATA member airlines have approved the implementation of financial settlement program NewGen ISS.

NewGen ISS will deliver faster, safer, and more cost-effective financial settlement services and solutions to airlines and travel agents.

It will bring greater options and flexibility to our travel agent partners, while providing even more financial security to airlines

NewGen ISS represents the most extensive modernization of the IATA Billing and Settlement Plan (BSP) since it was created in 1971 to facilitate the global distribution and settlement of funds between travel agents and airlines. Last year, the BSP processed $219 billion in airline funds with 100% on-time settlement.

Aleks Popovich, IATA's Senior Vice President, Financial and Distribution Services described the implementation of NewGen ISS as “a critical step forward.”

“It will bring greater options and flexibility to our travel agent partners, while providing even more financial security to airlines,” he added.