BBAM and GE Aviation Sign Asset Transfer System Agreement for Leasing Market
AUSTIN, Texas--(BUSINESS WIRE)--Nov 4, 2019--
GE Aviation has teamed up with BBAM Aircraft Leasing & Management to provide the AirVault Asset Transfer System across a fleet of 510 aircraft including Airbus, Boeing and Embraer airplanes used by more than 90 airlines. The implementation is starting this month.
“We are thrilled to partner with the BBAM organization to help facilitate their mission-critical technical records coupled with enhancing their ability to strengthen their asset lifecycle management for aircraft transition optimization,” said Gib Bosworth, global lessor director for GE Aviation.
BBAM will start using the system by December 2019, followed by a six-month evaluation. The combination of GE’s domain expertise in flight analytics and engine diagnostics to bring disparate data together and the digital leased asset transfer system capability will further enable web-based fleet maintenance across the aviation leasing market.
“We selected the AirVault Asset Transfer System to help achieve efficiencies in aircraft transitions by automating and digitizing critical processes,” said Declan Cotter, Head of Technical Operations at BBAM. “We also see the potential for benefits in project management and project communication between all parties during the transition phases.”
The Asset Transfer System is a collaborative tool that streamlines and simplifies the way that leased asset documentation is managed between airlines and lessors by allowing operators to organize records in accordance with industry standard. The system enhances the efficiency of lease returns several ways by helping operators harmonize and standardize files, perform collaborative document reviews with their lessor partners, and transfer files through an intuitive digital user interface which includes SPEC 2500 functionality.
Bosworth added, “The ability to connect records and data across the global aviation community with the IT systems they use to manage their fleet will improve data availability and increase productivity.”
BBAM is the world’s largest dedicated manager of investments in leased commercial jet aircraft providing over 200 airline customers in more than 50 countries with fleet and financing solutions over the last three decades. BBAM is the only manager in the aircraft leasing industry focused exclusively on generating investment returns for third-party investors. BBAM currently has more than US $27 billion of assets under management and employs over 150 professionals at its headquarters in San Francisco and in additional offices in New York, London, Tokyo, Singapore, Zurich, Dublin, and Santiago. BBAM has a 30-year partnership with NBB providing origination, management and remarketing for over 2,000 investors. For more information about BBAM, visit www.bbam.com.
About GE Aviation
GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of commercial and military jet engines, and avionics, digital solutions and electrical power systems for aircraft. GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.geaviation.com/digital.
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SOURCE: GE Aviation
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PUB: 11/04/2019 09:18 AM/DISC: 11/04/2019 09:18 AM