Standard Chartered Bank (StanC) on Wednesday said it was commissioned by IATA to manage the payment flow within the aviation ecosystem under EasyPay.
The International Air Transport Association (IATA) has named Standard Chartered Bank as one of its IATA EasyPay service providers in India, allowing travel agents greater payment flexibility, the lender said in a statement.
IATA EasyPay is a new payment method that helps streamline payment flows within the aviation ecosystem.
EasyPay is based on ‘pay-as-you-go’ and provides a secure alternative to traditional billing and payment methods of payment plans (cash or credit card) which is available to all IATA accredited agents in India.
The lender said it has invested heavily in innovation and improving its digital capabilities.
The Application Program Interface (API) based EasyPay will identify travel agents making payments into a dedicated IATA EasyPay account with Standard Chartered Bank, India and issue tickets to agents in real time.
This option is a voluntary program, which for some agents can eliminate or reduce the need to issue a bank guarantee to secure tickets and facilitate seamless settlement of funds, the lender said.
“The bank has spearheaded innovation and co-created digital solutions to enhance the customer experience. This partnership with IATA will enable greater payment flexibility for travel agents by allowing them to continue with their existing banking relationship while making payments. through Standard Chartered Bank to airlines with ease and convenience, ”said Apurva Jain, Head, Cash Products and Transaction Banking, India and South Asia, Standard Chartered Bank.
Amitabh Khosla, IATA Country Director for India, Nepal and Bhutan, welcomed Standard Chartered Bank’s participation in IATA EasyPay.
It is supporting Indian travel agents with a new payment option, providing greater flexibility to the community, he said.