PayCargo and Nexshore have developed the first integrated payment solution for the ONE Record initiative, which they will demonstrate at the International Air Transport Association’s ONE Record Hackathon next week.
Users will be able to make and take payments online using different payment options and will benefit from other features such as account reports and refund assistance as part of the ONE Record single solution initiative.
The system will be showcased on the first day of IATA’s Hackathon, which will include a PayCargo Challenge for teams to design a payment-focused solution using new fintech ideas and harnessing the power of Application Programming Interface.
“One of the objectives of ONE Record is to create opportunities for new value-added services as part of the much-needed push for the industry to fully digitise,” explained Lionel van der Walt, President and Chief Executive Officer of The Americas for PayCargo.
“Our payment system delivers just that, adding an important link to the digital chain, which will bring cost savings and expedite cargo release, keeping freight moving.”
ONE Record is a standard for data sharing and creates a single record view of an air cargo shipment.