Two of the biggest experts in aviation join hands to introduce a comprehensive and efficient way of collecting revenue in aeronautical services with the launch of SkyRev360.
Under Government of India’s vision of Make in India and to strengthen one of its products of comprehensive e-billing solution, which involves data gathering and invoicing, the Airports Authority of India (AAI) has formally tied up with International Air Transport Association (IATA) to create SkyRev360.
SkyRev360 was formally launched by P. Gajapathi Raju, Minister of Civil Aviation in the presence of senior officials of Ministry of Civil Aviation, AAI, IATA and delegates from 19 countries who attended the launch and International Workshop on SkyRev360 on February 18, 2017 at Goa. During the Workshop an exhibition showcasing various prototype models of Indian Airports, ATC Tower, etc., were displayed and were appreciated by the Minister of Civil Aviation as well as by the foreign delegates.
What is SkyRev360
AAI after having a successful business relationship with IATA for revenue collection of Aeronautical Charges from foreign airlines for over a decade worked on various aspects including software integration to bring in efficiency and speed of serving the bills to the parties and realisation and collection through IATA Clearing House (ICH) and Billing and Settlement Plan (BSP).
Over a period of time, the process has become very efficient. Considering the knowledge bank generated during this process it was felt that AAI and IATA in combination can provide an integrated single window invoicing and realisation system to the aviation world. The new system was named SkyRev360.
SkyRev360 is a fully automated and comprehensive data gathering invoicing and collection service, which eliminates inaccuracies errors and delays for better revenue management with less manual processing.
To address the challenges and pain points faced by Air Navigation Service Providers (ANSPs) in invoicing the flights passing through the airspace, which is a complex, time consuming and error-prone task, involving collection and reconciliation of flight data from radar flight plans and Aeronautical Information Circulars (AICs), AAI and IATA came out with SkyRev360.
How Does it Work
SkyRev360 automates data processing helping ANSP’s to overcome strenuous manual processes that are prone to mistakes and makes financial operations more accurate and efficient. It is a web based service, with no heavy IT implementation on systems and zero down time with nearly 100 pc collections. It makes the process of invoicing and collection easier, ensuring that ANSP’s relationships with air operators remain as harmonious and dispute-free as possible. This is done by the high quality and industry-standardised e-invoices on ANSP’s behalf that are easier for the air operators to validate and pay.
SkyRev360 makes use of the IATA Settlement Systems (ISS), which are used by air operators globally to settle over USD 300 billion per year in funds in the aviation industry using 99 currencies. Every airport operator can choose its preferred payment method, irrespective of the operators business model, size or IATA membership, resulting in more secure and cost-effective settlements, and ultimately the cash flow stability needed to embark on further modernisation of infrastructure by the ANSP’s and Airport Operators.