UATP Announces Record Charge Volume for 2008
Universal Air Travel Plan (UATP), the payment network privately owned by the world's airlines, has announced record charge volume and profits for calendar year 2008. UATP CEO Ralph Kaiser stated,
"UATP continues to prosper even in today's economic environment. While we see challenges from an overall decrease in travel spending in the upcoming year, there are enough growth drivers in our business to continue to be optimistic about our performance in 2009."
UATP processed approximately US$12 billion in 2008, all with just 38 staff worldwide.
UATP has also been working hard to diversify its product offerings beyond its core corporate travel charge card business with great success. "UATP's alternate form of payment processing business has taken off in 2008 much like our USS business did after its launch a few years back. Both lines of business are posting impressive growth rates," added Kaiser.
UATP's alternate form of payment processing includes work for such online payment brands as Acculynk, BillMeLater, HomeATM, Moneta and PayPal.
USS is UATP's in-house, proprietary settlement system which allows travel agency and low-cost air carrier payment processing to be conducted outside of normal channels. In 2009, in addition to offering air travel payment, with its industry leading data, UATP plans to expand its merchant base via USS to include hotels and rental car companies. This is expected to add significant charge volume to the network and greatly enhance the core product offering.
"Notwithstanding the current economic climate, 2009 will be a growth year for UATP. We are a dynamic and hungry company and we're always looking for ways to save money for the airlines and their corporate customers while enhancing profitability for our shareholders," concluded Kaiser.
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