International Air Transport Association (IATA), the trade association for the world’s airlines, has joined forces with PayCargo to launch a new payment and settlement system for the air cargo sector.

Dubbed The IATA-PayCargo System, the new offering is said to facilitate quick online payments and immediate access to settlement data.

PayCargo, which tends to the ocean, air, trucking and rail industries, expects the new system to improve operational efficiency and reduce expenses.

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

The latest partnership builds on the two companies’ existing relationship, which started in 2017.

Under the previous agreement, IATA’s US unit Cargo Network Services (CNS) and PayCargo launched the PayCargo-CNS System- an online payment platform for imports in the US.

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IATA currently represents 82% of total air traffic.

PayCargo CEO Eduardo Del Riego said: “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.”