The Calendar is generated by taking the BSP/CASS settlement dates and incorporating as many of them as possible into each ICCS 4-day Clearance.
Specifically, each BSP/CASS publishes an annual calendar indicating the sales period covered, remittance dates for travel agents and payment settlement dates to the airlines or, in our case, ICCS. Based on those calendars, ICCS then builds the monthly ICCS calendar, which shows all Clearances for that period; for this purpose ICCS extracts from the BSP/CASS calendar the only two dates that are needed, namely:
The reporting day, the day on which the BSP/CASS settlement amounts are notified to ICCS.
The settlement day, the day on which the BSP/CASS through its clearing bank will settle funds due to ICCS on behalf of its Members.
In each clearance ICCS tries to integrate as many BSP/CASS settlements as possible, bearing in mind that each BSP/CASS operates on different remittance schemes and frequencies. |
