Billing and Settlement Plan BSP (Billing and Settlement Plan) is a worldwide settlement system which replaces individual schemes of relations between agents and carriers. It’s made for the effective interaction of participants through the consolidation of financial and information flows. […]
Billing and Settlement Plan
BSP (Billing and Settlement Plan) is a worldwide settlement system which replaces individual schemes of relations between agents and carriers. It’s made for the effective interaction of participants through the consolidation of financial and information flows. The benefit of this BSP is the use the digital ticket of the normal sample.
Nowadays, over a hundred nations are using the BSP system to be able to simplify settlements.
A distinguishing feature is the use of the single ticket by all member states. The existence of a magnetic tape in this document makes it possible for people to avoid a hassle when working with paper documents. The introduction of a magnetic mechanism eases the work of airways and eliminates the annoyance of passengers.
The mechanics of the BSP system
In the first stage, the link to the Agents system is made. Before carrying out this process, the airline has to be assessed for compliance with fiscal standards and requirements, which should be verified by relevant documents. All employees must know about the business’s entrance into the system and they’re expected to examine the regulatory materials.
At the next stage, the contract is signed, and the agent receives a ticket issuance.
During the third phase, the system is introduced and the cycle is started, during which the payment is made monthly, and each month is divided into 4 parts.
The next stages are related to broker training and the introduction of a settlement system.
For airlines, there many advantages including:
- Spending less time when dealing with paperwork;
- facilitation of the ticket processing technologies;
- advantage (the presence of one ticket for all participating companies);
- no need to provide sales reports, because of the fact that all reports are created automatically;
- providing an automated procurement process;
- control softness over the usage of ticket forms and reducing the cost of the enrollment.
The system offers airlines along with other brokers a modern and technologically advanced way for selling tickets. This way of providing services significantly reduces the cost of the airline. Moreover, there are numerous positive minutes for the customer, in particular:
- Simplified ticket purchase process;
- high degree of professionalism of the business which permits the customer to be assured;
- security and the right of legal aid if there are any issues about the purchase of one BSP system ticket.
So, the major characteristic of the settlement systems in the sector is using common standard ticket forms. After the BSP system is operating in the country, the airlines participating in the BSP system stop selling their services through a broker network using their own transport documents.
Banned Country List
What’s a Banned Country List?
Banned Country List is a list of nations that have some constraints concerning business transactions or another debit activity. These constraints are in place as a result of specific lender identification numbers, shipping requirements or billing addresses.
Therefore, in the context of international sanctions and terms determined by correspondent banks, limitations may happen when making international payments, for example, to the following nations: Liberia, Sudan, Turkmenistan, Syria, North Korea, Cuba, etc..
Limits may vary by country and money and can change over time. These limitations may lead to payment blocking. Basically, the processing bank will decrease the transaction coming from among the banned countries.
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