“Leading risk protection for the Australian travel industry”
The AFTA Insolvency Chargeback Scheme Limited (AICS) is a member focused non-profit organisation, established by the Australian Federation of Travel Agents Limited (AFTA). AICS is a mutual scheme providing risk protection products and services to support its AFTA Travel Accredited Scheme (ATAS) members.
AICS seeks to mitigate the Prepayment or Forward Delivery Risk which is one of, if not the, most significant uninsured exposures for businesses such as travel agents where a consumer chooses to pay using a scheme credit and debit card. This risk has led to significant additional costs for travel agents in the form of bonds and guarantees, requested by acquirers to obtain merchant facilities. In some instances, acquirers have not provided travel agents merchant facilities specifically because of the Forward Delivery Risk. AICS has been designed to be a compliant and cost effective scheme offered only to ATAS accredited travel agents to assist and maintain current payment options for consumers.