The International Air Transport Association (IATA), the trade organization of 290 airlines worldwide representing more than 80% of all air traffic, processed $480 billion in payments last year through the IATA Financial Settlement System. Those payments included remittances from travel agencies to airlines, payments between airlines, payments by freight forwarders for shipments of cargo, and payments to airports and air navigation providers. The IATA helps airlines lower payment acceptance costs in multiple ways. The on-time settlement rate of IATA’s Billing and Settlement Plan for 400 pa...