Clearance process for the Order based airline industry business model. Process supported by data communication standard that will facilitate the future clearing and accounting requirements. The Settlement with Orders process and messaging standards are defined within a legal framework that includes:
- The agreed Order.
- The resolutions that govern the remittance and settlement process and its participants.
- Privately arranged bilateral agreement.
The goal for the Settlement with Orders process and its supporting standard is to deliver benefits to Order based airline industry that will include:
- Transparent and straightforward process.
- Higher degree of automation using latest technology.
- Process focused on the clearance of funds only.
In summary, the Settlement with Orders process and standard are compulsory capabilities to fulfil the clearance of funds service in the future Order model for the airline industry.