IATA offering digital currencies in financial settlement systems? Know more

The International Air Transport Association (IATA) announced that it will offer digital currencies in the financial settlement systems it operates for the aviation industry.

The first digital currency to be offered is the digital Renminbi, which will be available in the China Billing and Settlement Plan (BSP) by the end of 2024.

IATA is also examining the potential to offer other digital currencies in its settlement systems based on the needs and requirements of the industry.

Additional Currency in ICCS

In July 2024, IATA added the Renminbi Offshore (CNH) currency to its IATA Currency Clearance Service (ICCS), bringing the total number of currencies handled by the service to 74.

This results in an accelerated and improved working capital management and reduced foreign exchange risks.

Payment should be seamless.