The International Air Transport Association (IATA) has launched the Travel Industry Exchange Settlement Solution (TIESS), which is an electronic billing and settlement tool. TIESS will improve the speed and efficiency of transactions between travel industry suppliers and travel agencies. TIESS is a global solution to distribute, validate, collect and process sales, IATA said.
“TIESS leverages IATA’s extensive experience in managing large-scale financial settlement systems”, said Humberto Rivero, IATA’s Regional Director The Americas. There are no transaction fees for all travel agents who use the TIESS system. Other features include commission disbursement, online invoicing, prompt reconciliation and a globally centralized process.
For over 40 years, IATA has been providing a global program for accreditation of travel agents and worldwide financial settlement services for airline ticket sales between travel agents and airlines, the association noted. “Building on its settlement expertise, IATA - through TIESS - is now establishing a cost-effective, comprehensive, global service for non-air service providers, managing the billing and settlement of transactions between them.”
For customer inquiries and additional information on TIESS please contact Eduardo Testa, TIESS Sales Manager at +1 305 779-9864 or [email protected]