A stand-alone strategic investment fund is being created to support companies in the use of Iata’s New Distribution Capability (NDC) standard.
It will make investments in small- and medium-sized companies seeking to develop solutions which support airlines and agents as they make use of the enhanced distribution capabilities enabled by the NDC standard, according to Iata.
The airline trade body is working with travel-focused investment firm Travel Capitalist Ventures to create the NDC Innovation Fund.
NDC is a travel industry-supported programme launched by Iata for the development and adoption of a new XML-based data transmission standard.
Iata director general and chief executive Tony Tyler said: “The NDC Standard will modernise the way that airline products are presented through travel agents.
“It will help to promote efficiency and innovation, while supporting consumer demands for personalised travel products and services through travel agent channels.
“Airlines and travel agents will require tools and applications to manage this content. While we have every confidence in the abilities of existing players, Iata and Travel Capitalist have created the Innovation Fund to help spark creative solutions even more broadly.”
Abrar Ahmad, a partner at Travel Capitalist, added: “Iata has the knowledge of the NDC standard and strong relationships with its member airlines and others in the air travel value chain.
“Travel Capitalist brings deep financial and travel investment expertise. It’s a winning combination that will create an attractive opportunity for companies interested in innovation in the airline distribution space.”