China Tests New Jet-fuel Payment Process

 - September 23, 2019, 6:00 PM

The Beijing Business Aviation Association (BBAA) and Chinese business jet operators are currently trialing a real-time aviation fuel payment process aimed at increasing the efficiency of the transaction settlement system, thus improving cash flow. According to BBAA, the system enables operators and fuel providers to complete the payment process within one day, while operators can also deposit funds in their account based on the estimated fuel amount to be used on the next day’s flight.

The system then automatically obtains the fuel payment and transfers the money to the designated account of Air China Fuel Company. BBAA added that the system can generate the refueling bills for each flight of each aircraft on a daily basis, so that the operators can submit payment to the owners in a timely manner, thereby shortening the settlement cycle and improving cash flow.

Three operators are currently testing the system with Hua Xia Bank and China National Aviation Fuel Supply Company as the fuel supplier. To date, more than 100 transactions worth 5 million Yuan ($704,593) have been conducted with no errors.