Olympic Airways hands over accounting processes to Mercator

Mercator’s Revenue Accounting Bureau Service will hand approximately 12 million Olympic coupons, worth US$220 million in gross sales.

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By  Greg Wilson Published  December 11, 2002

Olympic Airways has outsourced its revenue accounting processes to Mercator, the IT services arm of Emirates Group. Mercator’s Revenue Accounting Bureau Service will hand approximately 12 million Olympic coupons, worth US$220 million in gross sales.

By outsourcing its revenue accounting processes Olympic hopes to improve revenues, provide accurate billing and verification, reduce accounting bills, enhance productivity and eliminate training costs.

“Capturing and understanding the financial data on each and every ticket is crucial to any airline, and Olympic is no exception,” says Angelo Christodoulatos, chief financial officer (CFO), Olympic Airways.

“Put simply, we need to have the most accurate revenue accounting solution available today, and back it up with the best support service on the market. Mercator's Bureau Service offered us unrivalled functionality and the fastest rollout times, and so was clearly our natural first choice,” he adds.

The bureau service is based on Mercator's in-house developed Rapid accounting application, which converts data on air tickets and air waybills into the financial and strategic analysis an airline needs to sharpen its competitive edge. The application is hosted and managed in Mercator’s own Dubai-based data centre.

Olympic Airways joins other service subscribers Emirates Airline and Air Tahiti Nui.

“Top-quality revenue accounting is crucial to the success of any airline, and we are committed to working with Olympic's Athens team to assure it of a truly world-class service,” says Hugh Pride, director IT at Mercator.

“The deal confirms our belief that our unequalled product quality, combined with more than two thousand man-years of revenue accounting experience, makes us the first choice supplier for airline revenue accounting bureau services,” he adds.

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