BUSINESS travel companies and suppliers are being asked to sign up to a scheme to prove they are complying with the European Union directive on euro monetary regulations.
The directive requires companies dealing with the euro currency adhere to a certain list of rules, which include not rounding up payment when converting currencies and not charging commission.
The International Business Travel Association, which represents business associations and suppliers around the world, has launched a Euro Compliance Certificate which it will present to members who agree to comply with the directive.
IBTAallied council chairman Lou Maripolsky said: “We have become increasingly concerned that organisations are rounding up when it comes to converting currencies to the euro and in some cases are also charging commission. The result is that customers are being overcharged for their services and in the case of multi-million dollar contracts the amounts are significant.
“I have no doubt that many suppliers are acting through ignorance of the directive, therefore the IBTAhas a duty to educate our membership.”
IBTApresident Glyn Farrell said:”Through this programme, members will immediately recognise those suppliers who conform to the directive.”