Simplifying Remittance and Settlement Process
In order to transition smoothly to ONE Order ISO has developed a IATA Settlement with Orders (SwO) compliant system that simplifies the remittance and settlement process between the Retailer (Order Responsible Airline ORA) and its partners in the travel industry via IATA Settlement Manager (Clearing House).
SKYpay is not only a settlement system for the airline industry, but for the agents as well and they do not necessarily have an Order Management System or a Revenue Accounting system.
You don’t have to be fully ONE-Order ready to benefit. SKYpay supports NDC (New Distribution Capability) as well.
- Simplified Remittance Process
- Simplified Settlement Process
- Easy and reliable Reconciliation
- Clear communication with the Settlement Manager
- Messages Revenue Accounting for Reconciliation
- Time to Market eliminated
- Easy entry-level Model
SKYpay provides you with all the information necessary to process payment reconciliation directly in revenue accounting.
How does SKYpay work?
The tool first reads the Order Sales Information Notification (OSIN) from the Order Management System. It then generates a Clearance Request which is transmitted to the IATA SwO Settlement Manager. This Clearance RQ is processed by IATA which then forwards a Clearance Notification with a Remittance Date to the Seller.
In the meantime, IATA sends the Airline a Clearance Response with Settlement Date to the airline. Shortly before the Payment Date, the Settlement Manager sends a Remittance Transfer Notification to the Seller to initiate payment. The final message sent to the airline is the Settlement Transfer Notification which contains the Settle ID. The Settle ID is used to reconcile the claim arising from the Order with the amount received on the bank account.
Both, the Clearance Response with the Settlement Date and the Settlement Transfer Notification with the Settle ID, are forwarded to the Revenue Accounting System for reconciliation. This completes the process seamlessly and efficiently because the actual payment reconciliation happens in Revenue Accounting.
Perfect match: SKYpay & SKYfly
SKYpay works ideally with ISO’s Revenue Accounting solution SKYfly Revenue, but can be connected to any other Revenue Accounting system since it uses SwO standard messages. SKYpay integrates with any Order Management System; therefore, SKYpay can be used by airlines and anyone that uses SwO.
SKYpay Phase 2
The ISO-Gruppe will rollout a SKYpay Phase 2 of the tool at the end of Q2 2020. Phase 2 makes the payment reconciliation portion currently performed by Revenue Accounting to be directly done in the Settlement with Orders tool. Thus, this new functionality enables SKYpay to be used as a stand-alone tool to support airline financial services
Although SwO messages are still generated and received, it no longer needs to forward messages to Revenue Accounting because the reconciliation is completed in SKYpay. Just imagine, today only airline and seller benefit from this tool, but soon any service provider in the international air transport can take advantage of the tool because it can support this new process.
Reach out to us to see how you can benefit from this revolutionary tool. SKYpay not only simplifies the remittance and settlement process, but also ensures reliable and accurate exchange of information.Request Online Demo