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The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing 290 airlines – or 82% of total air traffic – and working with 60,000 travel agents. IATA supports many areas of aviation activity and helps formulate industry policy on critical aviation issues.
In 2019, IATA members had 2.9 billion total passengers – of which 1.3 billion were travelling internationally. That is a total of 7.9m passengers per day.
IATA launched their New Generation of IATA Settlement Systems (ISS) to deliver faster, safer and more cost effective and relevant financial settlement services and solutions to airlines and travel agents that rely on the IATA Settlement Systems (ISS).
For airlines, NewGen ISS means faster settlement, safer funds, and a lower cost of distribution. For travel agents, NewGen ISS offers more personalized products and services, enhanced customer support and more cost-effective solutions. NewGen ISS is protecting over 95% of the world’s travel agent airline credit and debit card sales. IATA chose the ARIC™ Risk Hub as their central, cloud-based, risk hub solution to support the NewGen ISS service.
ARIC processes 4.5 million events daily for IATA to spot and stop fraud and identify risky behavior. Today ARIC helps IATA achieve their goal of being a proactive, customer centric value-added services provider by safeguarding $348bn annual global sales in real time across over 180 countries.
To support IATA’s mission to be a proactive, customer-centric services provider for airlines, IATA collaborated with Featurespace to deliver a solution for advanced global fraud protection across the network.
The implementation at IATA, known as their Risk Monitoring Engine (RME), analyses real-time risk associated with possible fraud through for example ticket sales, and includes:
For IATA, the ARIC Risk Hub is:
Featurespace and IATA continue to work together on next steps to continually improve their Risk Monitoring Engine, including building an Early Detecting System to further monitor and protect against fraud.