The Association of Bonded Travel Organisers Trust (Abtot) is expanding its Atol franchise scheme with innovative solutions designed for evolving travel industry needs.
- Abtot is now the first Atol franchise to integrate a hybrid of trust and escrow accounts with bonds, considered a significant advancement.
- Offering Atol franchise membership with unsecured or insurer-backed bonding solutions, Abtot addresses the varying needs of SMEs in the travel sector.
- The initiative is expected to provide unparalleled flexibility, particularly for existing licence holders looking to segregate customer funds effectively.
- PT Trustees collaborates with Abtot, promising transparency and streamlined processes with a cutting-edge reporting tool.
The Association of Bonded Travel Organisers Trust (Abtot) is set to expand its Atol franchise scheme, introducing hybrid solutions that align with the travel industry’s dynamic requirements. A pioneering move, Abtot becomes the first Atol franchise to utilise a model integrating trust and escrow accounts with bonds, marking a major development in travel financial security. This initiative caters to the needs of larger SME Atols, extending benefits to existing licence holders who wish to manage customer funds more flexibly through escrow accounts while offering an alternative to the small business Atol.
Central to this initiative is the innovative use of escrow accounts, enhanced by an insurance-backed bond, providing unprecedented flexibility in supplier payment management for Atol holders. The arrangement allows for Atol franchise membership that can be bolstered by unsecured insurer-backed bonds or secured bank bonds, determined by the financial strength and individual needs of the applicants.
The collaboration with PT Trustees signifies a significant enhancement in managing licensable transactions. The introduction of a sophisticated reporting tool offers comprehensive data analysis, ensuring that Civil Aviation Authority reports are both reliable and manageable. This tool’s intuitive dashboards are designed to give Atol holders enhanced visibility, thereby empowering them to handle claims management with greater ease.
According to Samantha Bradbury, Abtot’s membership director, this CAA-approved hybrid solution has been in the planning stages for months and signifies a proud moment for the organisation. Meanwhile, PT Trustees’ chief executive, Sudheer Sharma, expressed satisfaction over the collaboration, highlighting the trust and escrow arrangements’ acceptance. “With our experienced team and bespoke reporting tool, we aim to offer Abtot members peace of mind, knowing that their transactions are managed with care and transparency,” Sharma stated.
Abtot’s hybrid escrow and bonding initiative reflects a forward-thinking approach, setting new standards in financial security within the travel industry.
