MSTS to facilitate IATA EasyPay system In 24 markets.
M2 EQUITYBITES-September 29, 2017-MSTS to facilitate IATA EasyPay system In 24 markets
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Multi Service Technology Solutions (MSTS) has won a contract to a newly launched remittance service that modernizes payments between accredited travel agencies and airlines, the company said.
MSTS has been awarded 24 of IATA's Billing and Settlement Plan (BSP) markets, and it will process payments in those markets by partnering with UATP, the airline-owned travel payment technical solution provider. IATA EasyPay is scheduled to launch with MSTS in four waves, starting with Canada, Hong Kong and Macau in the fourth quarter of 2017. All 24 of MSTS's markets are expected to roll out by the end of 2019.
The solution is expected to be well received in countries where cash is the most prevalent payment method for ticket purchases. IATA EasyPay will support a new simpler form of agent accreditation and allows agents to reduce their financial security requirements, enabling them to sell beyond their cash capacity.
Both UATP and MSTS are attending the IATA World Financial Symposium in September and will be available to discuss the partnership.
EasyPay is a voluntary pay-as-you-go electronic payment solution developed to offer travel agents an additional secure and cost-effective payment method for tickets issued through the BSP. The e-wallet is a product of NewGen ISS (New Generation IATA Settlement Services), IATA's approach to improving its BSP settlement system which has been in place since 1971, by delivering simplified processes, lower costs, better protection of funds, new payment methods and a choice of agent accreditation models.
UATP is a global payment solution owned and operated by the world's airlines and accepted by thousands of merchants for air, rail and travel agency payments. UATP connects airlines to Alternative Forms of Payment which can expand reach and generate incremental sales globally. UATP offers easy-to-use data tools, DataStream? and DataMine?, which provide comprehensive account details to Issuers and Corporate Subscribers for accurate travel management.
MSTS is a global FinTech solutions provider specializing in building closed-loop payment networks and technology-focused solutions for transportation and B2B retail clientele. MSTS is a wholly owned subsidiary of World Fuel Services, a fortune 100 company that specializes in the supply, logistics and financing of transportation fuels and energy products and related services. MSTS is based in Overland Park, Kan. with offices in the Netherlands, Australia, and Mexico.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 29, 2017|
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