MUMBAI: Jet Airways is in talks with the International Air Transport Association (IATA) to clear some refunds from the money still saved in the billing and settlement plan (BSP) account, a person in the know said on Friday.
The global lobbying body on Thursday suspended all ticketing activities and transactions of Jet Airways via its clearing house, which effectively means no Jet ticket can be issued by travel agents and thousands of passengers whose tickets have been cancelled will have to wait indefinitely for refunds.
In the BSP procedure, an agent sells a ticket to a customer. The sale is done through a global distribution system, a digital tool that manages inventory. Every seven days an agent makes a lump-sum payment of money from tickets sold into the BSP account which then goes to the airline. In case of a refund, a request is raised and approved by the airline and the money goes to the customer via the same GDS.
