BBAM Aircraft Leasing & Management and Falko Regional Aircraft will both start implementing a system design to automate and digitize critical parts of aircraft lease transitions.
In the industry, paperwork and planning inefficiencies during lease returns can cost millions of dollars per transfer.
The system, GE Aviation’s AirVault Asset Transfer System, is designed to allow lessors and operators a way to digitally standardize and organize records, as well as to collaboratively review them.
GE says implementations usually take 1-3 months, depending on how many records need to be migrated and “the scope of any external system integrations,” says a GE spokesperson.
BBAM will use AirVault’s system across its fleet of 510 aircraft operated by about 90 airlines. Falko will initially include 60 aircraft in the implementation phase and expects the number to “grow over time as more transactions take place and Falko’s fleet increases,” says Ian Dear, the lessor’s VP of technical operations.
He says Falko’s “intent and goal is to eliminate all paper from lease transfers,” although “the transfer of original hard/historic records will continue for the foreseeable future.”
Terms of the agreements were not disclosed.
BBAM is a lessor focused on generating investment returns for third-party investors and Falko is a leasing company focused on regional aircraft.