Deutsche Bank today announced its appointment as clearing bank for IATA’s Billing and Settlement Plan (BSP) and its Cargo Account Settlement Systems (CASS) businesses in Indonesia.
As part of the mandate, Deutsche Bank provides accounts payable and receivable as well as reporting services to IATA in Indonesia for the company’s airline ticket and cargo sales.
Headquartered in Montreal, the International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 260 airlines accounting for 84 per cent of global air traffic. IATA also supports various areas of aviation activity and helps to formulate industry policies on critical aviation issues.
Kunardy Lie, Chief Country Officer – Indonesia at Deutsche Bank, said: “Deutsche Bank’s comprehensive and flexible cash management services will enable IATA to realise greater efficiencies, creating a positive impact for the airline industry and tourism in Indonesia. This mandate reflects the scale and strength of our franchise in Indonesia.”
Kaushik Shaparia, Asia Pacific Head of Trade Finance and Cash Management Corporates at Deutsche Bank, said: “We are pleased to expand our relationship with IATA. Our people and client-centric solutions continue to keep us at the forefront of the cash management industry. We look forward to helping more corporates in Indonesia and the rest of the region with their transaction banking needs.”
