IATA extends BSP to Myanmar

IATA has launched the Billing and Settlement Plan (BSP) in Myanmar as of September 1, 2019, which is expected to ease the reporting of ticket sales and remittance for participating travel agents and settlement of their sales to airlines.

Prior to the implementation of the BSP, agents in Myanmar had to interact directly with each of the respective airlines to report and remit their ticket sales – an inefficient and time-consuming exercise. The introduction of the BSP will streamline and standardise the process and format for sales reporting and remittance by agents to the airlines.

IATA has launched the Billing and Settlement Plan in Myanmar as of September 1, 2019

With the BSP, both airlines and travel agents will receive only one sales report, said IATA. Travel agents will only need to make one payment for all their sales to the airlines via the BSP by a pre-determined date. Airlines will then receive one consolidated payment from the BSP.

Conrad Clifford, IATA’s regional vice president for Asia-Pacific, said: “Aviation is a growing sector in Myanmar. As the country continues to develop and with more international airlines operating services in Myanmar, it is timely to introduce the BSP. Not only will it bring efficiencies in the interactions between airlines and travel agents, it will also modernise and support the growth of Myanmar’s travel and tourism sector.”

About five airlines and 12 travel agents are participating in the Myanmar BSP during the start-up phase, with more expected to join in the coming months.

Clifford added that on top of introducing the BSP, IATA has also opened its first office in Myanmar in April. “Through this office, we hope to enhance our partnership with the various aviation stakeholders to support Myanmar’s aviation development through the implementation of global standards and industry best practices,” he said.

In the next 20 years, air travel in Myanmar is expected to grow by an average of eight per cent annually, ahead of the global average of 3.9 per cent. By 2038, Myanmar is expected to be an air travel market of 37 million passengers, close to five times the current numbers.

Sponsored Post