Further: Payment & settlement platform for travel industry
Transforming how companies in the travel ecosystem interact with each other and their customers
Travel Tech Evangelist
Former Head of Innovation & Tech Evangelist Sabre Holding, Innovation & Tech Evangelist and experienced public speaker & thought leader
Expertise; Airline & Travel Technology, Online Businesses, Airlines, Business Development, Global Distribution Systems
Career; Chief Innovation Officer @ Snowfall, Head of Innovation & Tech Evangelist Sabre Holding, Innovation & Tech Evangelist and experienced public speaker & thought leader
ATA Ground Service Providers
Former Head of Instructors-led Learning of IATA. Vice Chairman IGOM Task Force International Air Transport Association (IATA)
Expertise; Airline Management, Civil Aviation, IATA Global Standardisation Programs
Career; Vice Chairman IGOM Task Force International Air Transport Association (IATA), Co-Founder of Twiga Aero Ltd. and Director Safety & Qualty Assurance Bangkok Flight Services
- Crowdsale (60%)
- Ecosystem development (15%)
- Advisors (3.5%)
- Team (16.5%)
- Incentive campaigns (5%)
- Product development (55%)
- Operational expenses (15%)
- Sales & distribution (28%)
- Misc. (2%)
Cost of the token1 token for 0.02 $
Price without discounts
- Bitcoin Cash
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Which Problem are you Solving?
Further Network’s main focus is solving the problems in Billing, Settlement & Payment (BSP) process between the companies in the travel industry.
With the current trust-management structure;
Travel agencies have to pay huge sums of down payment for each account they are selling tickets for.
Airlines cannot receive their money immediately; taking weeks or months, with a lot of cuts by intermediary companies along the way. All because of the trust issues between companies and how data (especially settlement & payment data) is being distributed.")}}
And that’s only one type of transaction between travel companies. Whenever you travel, you generate dozens of transactions between airlines and regulatory associations, ground services, hotels, car rental companies, wholesalers, airport security companies, loyalty programs, and even countries (overflight fees).
What is your solution?
With our technology, Billing, Settlement & Payment (BSP) happens in real-time. No party has to pay huge down-payments anymore, and parties receive their money within minutes, with intermediary cuts being minimized. Considering the low profit margins of airlines (2.5% - 5%) this means more than 60% increase in profits.
And for the travel agencies, instead of trying to fill sales quotas towards their down-payments with each account, agencies will be able to close a sale-case literally within minutes and move on to the next one.
This system also minimises disputes, since settlements are made at the same time with the payments.
What is the market size?
There are around 725 airlines, who are selling 3.7 billion air tickets and generate more than one Trillion USD each year. 275 of these airlines are members of IATA (International Air Transport Association), which regulates the BSP for their members. Both IATA and non-IATA airlines need a better BSP solution TODAY.
Starting with aviation, this model will be applied to other transactions in travel as well (i.e. hotels, car rentals, etc.) which in total is a 7 Trillion USD market.
Why do you need Blockchain?
Blockchain provides two crucial benefits for our system:
The structure, which doesn’t require particular parties to trust each other and execute an archaic financial ritual to secure their own end of the deal.
On top of the reliable environment of Blockchain, we were able to develop our own protocol to process settlement and payment at the same time, having every party to get their payment within minutes instead of months.
How are you going to deliver the solution?
We are having tests with;
Airlines (for payments in Aton- our digital currency- and data transfer with STR),
Travel agencies (testing corporate user perspectives, receiving feedbacks, consolidating accounts),
Travel tech companies (distribution of the data).
We use the enterprise Blockchain solution, Hyperledger Fabric to develop our product, which is being powered up by IBM Blockchain & Cloud Services. And Aton is based on Stellar - a payment blockchain.
Why don't you have a GitHub page?
Further Network is a private Blockchain system on enterprise-level. Since this massive industry handles sensitive user and corporate data, not everyone is allowed to participate in the network.
What is the revenue model for Further Network?
For each transaction that happens on the network, a service fee will be generated. There are many different transaction types and categories but the main ones can be summarized as: Billing & settlement, reservation & ticketing, ticket changes, and peer-to-peer sales.
These fees, that are being generated in the system, will be a fixed amount for each transaction, instead of the current percentage-based fees of intermediary services.
Why would an Airline use Further Network?
In short: To reduce the cost and remove the delay in receiving money.
Airlines’ profit margins are as low as 2.5% to 5%. Plus, they receive their payments in months. And on top of that, in average of 5% of all sales end up in disputes, which puts huge sums of money on hold that no party can use. In this financial situation, airlines are unable to innovate on user experience and they lose opportunities in selling supplementary services as well.
A new BSP structure in aviation was something the industry needed for more than a decade. There is no doubt Blockchain is the future for the industry.
Why would a Travel Agency use Further Network?
In short: To consolidate their accounts and minimize the huge down payments they pay each month for different accounts.
A travel agency works with various accounts. IATA (International Air Transport Association) is one of the biggest ones, as it is the regulatory association for more than 250 airlines. But each non-IATA airline is another account and adds more to handle for the agencies. In some cases, even IATA-member airlines require the travel agencies to keep their accounts separate for specific inventories (i.e. domestic flights in a specific country). An agency has to deposit different sums of money into these accounts as down-payment each month. This is the common standard of how the industry handles the trust between the airlines and the agencies.
From the travel agencies’ perspective, this system imposes a financial burden and risk, since they can’t transfer money from one account to another, because it is blocked by the corresponding party for the whole month. And even at the end of the down payment period, there may still be some disputes from sales that occured weeks ago. In case of a dispute, the money can not be cleared for anyone to use.
Within our ecosystem, billing and settlement happens at the same time. This means, instead of trying to fill sales quotas towards their down-payments with each account, agencies will be able to close a sale-case literally within minutes and move on to the next one. This system also minimises disputes, since settlements are made at the same time with the payments.
Why would a global distribution system (GDS) company use Further Network?
In short: To distribute data in a more secure and flexible way.
Why would a Travel Tech company use Further Network?
In short: To develop B2B or B2C solutions, without needing to create the framework from the ground up.
Our goal is to introduce the Open Network Standards for Further Network. With that Open Network, 3rd parties will be able to develop and integrate their own technology for Hoteliers, Activity Providers, Airport Operators, Ground Service Providers, etc.
Who else would be using Further Network and Aton?
In short: End-user and ANY type of company operating in travel industry.
Our Network is a more B2B structure than it is B2C. But in 2019, we are going to publish an App for the end-user to manage the ownership of his data. With the biometric ID of the user being managed and held only by the user and with the help of our technology, he will be able to identify himself on different ID checkpoints without sharing all of his information with each party.
End-users will be able to buy tickets and supplementary services on the app as well.
How do you plan on acquiring customers?
We already have signed agreements with different airlines to test our technology and deploy it on their live systems if tests go well.
In the future, with the money collected from the ICO, we are going to create a sales-team to penetrate the market within 2019.
Why do you need a token?
Aton is the main fuel for the Network. It is the currency for payments, settlements and transactions. That means, parties can make settlements and payments between each other at the same time with the data being stored in our token, Aton. Even if a party pays in USD and another one receiving the money in Yen, the money is being converted to Aton within the system, and enriched with all the settlement & payment data.
How did you determine the token price?
We have decided that both the minimum transaction fee and an estimation of the total transaction volume should have been easily understandable and comparable numbers.
How do you expect the token price to change in the future?
With each travel company integrating Further Network technology, the price would go up since that’s what determines the demand.
How would a travel company deal with the volatility of the token price?
Just like how they already deal with any fiat currency now. And even with less risk.
Since the settlement & payment happens at the same time within minutes in our system, the risk is at minimum compared to the changes that can occur in any fiat currency in months, which is how long it takes for a settlement to happen in the current system.
When can I trade my Atons?
Aton investors will be able to buy and sell Atons when we are listed on the Stock Exchange which is planned in Q4 2018.
In which fiat and cryptocurrencies can you make an investment?
The currencies that are being accepted for investment are: USD, XLM, BTC, ETH, BCH, LTC, and DASH.
How will the funds be used?
The funds will be used in the development process of the MVP, marketing, and forming up a global sales team.
What's your KYC and whitelist process?
We require each investor to go through our KYC/AML process. We are incorporated in Gibraltar and ICOs are being regulated within the law.
We are working with TokenGet, the choice of 30+ ICOs for the whole ICO process.