GENEVA, 21 Sept. 2016 – Capco, a global business and technology consultancy dedicated solely to the financial services industry, collaborated with IATA to deliver a study to analyze how blockchain can be used to benefit the airline industry.
One area IATA is currently exploring refers to how this technology can help optimize the money flows between partners in the travel industry value chain.
“Blockchain is a disruptive technology and represents a great opportunity for digital innovation. Every single industry, from the financial sector to aviation, is trying to understand where this technology will best fit and where to start the innovation journey. Distributed ledger technology – including blockchain – is already proven to reduce transaction fees when transferring money across borders and currencies,” said Assad Mahmood, senior consultant, Capco. “That represents a great promise, particularly for global businesses and industries.”
“The value of having a single ’source of truth’ that all business partners trust can dramatically simplify reconciliation, invoicing and settlement in our industry,” added Juan Iván Martín, IATA head of Innovation, Financial and Distribution Services.
The Capco and IATA research explored numerous case studies of blockchain technology developed in other industries. These existing use cases could potentially be implemented within financial services in the near future.
Additional uses of blockchain and their value will be presented this week at the International Air Transport Association (IATA) World Financial Symposium, Thurs. – Fri., 22-23 Sept., Singapore.
Capco, an FIS™ company, is a global business and technology consultancy dedicated solely to the financial services industry. Our professionals combine innovative thinking with our unrivalled first-hand industry knowledge to offer our clients consulting expertise, complex technology and package integration, and managed services to move their organizations forward. Through our collaborative and efficient approach, we help our clients successfully, innovate, increase revenue, manage risk and regulatory change, reduce costs and enhance control. We specialize in banking; capital markets; insurance; wealth and investment management; finance, risk & compliance; and technology. We serve our clients from offices in leading financial centers across North America, Europe, Asia Pacific and Africa.
About IATA: The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 265 airlines or 83% of total air traffic. .