The Aviation Working Group and Fexco announce their agreement on the development and operation by Fexco of a global, electronic aircraft trading system e-ledger (the ‘GATS Platform’) for the aircraft leasing and financing industry that will simplify the business of selling aircraft which are subject to lease agreements.
The GATS Platform will implement the global aircraft trading system (the ‘GATS’), developed by the Aviation Working Group. The GATS will electronically effect select transactions using standard documents which will be recorded on the GATS Platform. The GATS is specifically designed to ensure that all rights of airlines set out in their lease agreements are fully protected and that no obligations of airlines are increased in connection with aircraft trading.
This collaboration is part of the ongoing work of the Aviation Working Group and Fexco to innovate and leverage new technology to reduce the burden on and time and cost for airlines, lessors and financiers in executing and managing transactions and to produce widespread benefits for the industry.
The GATS Platform will operate using state of the art technology, and is being designed to migrate to a private blockchain if and when AWG concludes that such is advisable. The GATS Platform will be available for further development and enhancement to meet the future needs of the aircraft leasing and financing sector.
Information on the GATS Platform will be shared with, and advise will be taken from, Aviareto, the registrar of the Cape Town Convention international registry, with a view to advancing best practices on electronic systems and practices for the aviation leasing and financing sector.
The Aviation Working Group and Fexco expect that the GATS Platform will be operational by the end of the first quarter of 2020.