AFTA as a member organisation is always seeking new ways to make it easier for AFTA members to grow and facilitate Australians who want to travel internationally and domestically.
One of the major risk facing travel agencies is the Forward Delivery Risk which occurs when scheme issued cards are used to purchase travel. For the last 10 years AFTA has been working with our partners in the risk and insurance industry to create solutions to seek innovative solutions to minimise risks and costs associated with managing these risks.
The AFTA Insolvency Chargeback Scheme Limited (AICS) is AFTA response to the Forward Delivery Risk and will provide the Australian travel industry with risk protection, through the use of a mutual fund as an alternative to conventional insurance.
Unlike traditional insurance companies, AICS was established for its members, to provide members with greater control over the particular costs and risks associated with the insolvency of a supplier. To access AICS you need to be a current ATAS accredited travel agent and be a member of AFTA.
Importantly and by design AICS is compliant with the Reserve Bank of Australia, Standard No. 3 Of 2016 Scheme Rules Relating to Merchant Pricing for Credit Debit and Prepaid Card Transactions.