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IATA partners with Standard Chartered Bank for providing EasyPay Services

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IATA signs up Stanchart for EasyPay facility NewInternational Air Transport Association (IATA) has partnered with Standard Chartered Bank for providing ‘EasyPay’ services to Travel Agents in India. It will provide greater payment flexibility to travel agents.

  • ‘EasyPay’ is a ‘pay as you go’ service which aims to replace the traditional billing and settlement plan payment methods (Cash or Credit Card).
  • It aims to increase the digitisation of payments and is expected to boost cash flows for the aviation industry & travel agents.
  • Standard Chartered Bank will be one of the IATA’s EasyPay service providers in India.
  • It will be available to all IATA accredited agents in India.
  • IATA EasyPay is a new payment method which aids streamline payment flows within the aviation ecosystem. It was launched in 2018 in India along with YES Bank.

Benefits

  • The Application Programme Interface (API) based EasyPay will identify the travel agents who make the payments in a dedicated IATA EasyPay account with Standard Chartered Bank, India and release the tickets to the agents in real time.
  • This option is a voluntary programme, which for some agents may eliminate or reduce the need for issuing bank guarantee to secure the tickets and facilitate seamless settlement of funds, said the lender.
  • Under the service, the tickets will be released to the agents in real-time.
  • It would benefit smaller Travel Agents as they don’t need to issue bank guarantees for securing the tickets & facilitate seamless settlement of funds.
  • The agents can continue with existing banking relationships while making payments through Standard Chartered Bank to airlines.

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i.On January 16, 2021, IIFL Home Finance Ltd and Standard Chartered Bank entered into a co-lending arrangement to extend credit to MSME loans (loan against property).

About the International Air Transport Association (IATA):

Director General and CEO – Alexandre de Juniac
Headquarters – Montreal, Canada
Members – 295 Airline members
Founded – 19 April 1945 in Havana, Cuba