A digital travel agency, Wakanow.com, has announced its transition from a two-week airline billing settlement cycle to a daily direct remittance.
The agency said it is also going into pre-paid card payment settlement, which is to reducing the cost of travel for customers.
Wakanow’s Group Managing Director, Obinna Ekezie explained that “The new daily remittance and prepaid card settlement platforms to be launched by Wakanow have been tested by notable airlines, such as Emirates, Royal Air Maroc and Kenya Airways. We believe this would revolutionise the entire travel industry and offer reduced pricing for airline tickets.”
Ekezie said the firm changed its payment model from the two-week Billing and Settlement Plan (BSP), because the plan requires multi-billion bank guarantees.
The new model will make airlines receive payments within 24 hours against the BSP’s four-week timeline standard.
Some of the benefits of the new payment procedure, according to the firm, include a faster refund process in which claims can be turned around in a few working days rather than the current arrangement which takes months to complete.