The International Air Transport Association and web-based payment platform PayCargo have signed an agreement to jointly launch the IATA-PayCargo System, a new payment and settlement system for the air cargo industry.

The new system allows customers worldwide to benefit from the ability to make fast, online payments, as well as have immediate access to settlement data.

“Partnering with PayCargo globally will deliver more efficiency and cost saving to the air cargo value chain by streamlining the payment process of air cargo import operations and enabling a faster delivery of shipments,” said Aleks Popovich [right in photo], senior vice president of financial and distribution services.

The partnership between IATA and PayCargo began in 2017 when US-based IATA subsidiary Cargo Network Services and PayCargo, LLC (USA) agreed to offer the PayCargo-CNS System to customers in the US.

“Having experienced the success of the CNS-PayCargo System in the United States, it only made sense to allow all our global customers to benefit from the strength of such a partnership,” said Eduardo Del Riego [left in photo], CEO of PayCargo LLC. “IATA is continually striving for innovation and efficiency for its members. The PayCargo system, which already has 20,000 users worldwide, has proven to be highly efficient and allows members to reduce costs significantly.”