Fexco today announced the launch of the digital platform for the Global Aircraft Trading System (“GATS”), developed by Fexco in partnership with the Aviation Working Group (AWG), a not-for-profit legal entity comprised of major aviation manufacturers, leasing companies and financial institutions.
Fexco, having designed the technical solution and developed the market changing platform will now operate it on behalf of AWG to the benefit of the aircraft leasing industry. Leasing companies will now be able to trade aircraft electronically, executing documents for the first time using digital signatures, by migrating their existing owner trusts onto the GATS platform or by establishing new GATS Trusts directly on the platform.
Although developed in advance of the current pandemic, the increasing challenges for the aviation industry brought about by Covid-19 crisis, enhance the importance of the GATS platform which will increase the transparency of and confidence in aircraft trading, and further protect the rights of all parties, by introducing a secure, live and searchable electronic ledger displaying details of ownership and security interests in GATS.
GATS is further evidence of Fexco’s expertise in ‘build & operate’ partner relationships in the design, build and operation of market-leading platforms that respond to market needs and provide value to customers in the move towards secure and user friendly digital asset transfers.
Commenting on the launch, Karl Aherne, Executive Director of Strategic Business Development at Fexco said:
“Collaborative innovation has always been at the heart of Fexco’s success and this project with the Aviation Working Group is the next step in our development of technology that anticipates and meets market needs. We look forward to a successful collaboration with AWG and to future opportunities in both the aviation sector and online management of both physical and digital assets”.