Others, such as iiNET or Currency Clearance, are more recent. The Association seeks constantly to tailor existing or provide new products and services to the changing needs of air transport. Typically, more than 80 percent of transactions are netted and therefore do not involve cash transfers. In 1998 the Clearing House had 410 participants, including non-airlines, and cleared USD 30.6 billion. ICCS enables airline treasurers to do this quickly at low cost, while obtaining attractive interest and market exchange rates.
Airlines are able to use their treasury staff more efficiently, thus saving personnel cost.
It is an integral part of the Clearing process. IPS automates the highly complex proration process. It is PC-based, easy to use, accurate, fast and reliable. IATA obtains independent and objective advice on risk management and trends in world aviation insurance markets - thus helping Members minimise the cost of their insurance. A monthly fee secures project management, installation, training, support, maintenance and consultancy.