International 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.
- 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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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