For the 1st time all IATA Travel agents in India can issue air-tickets using YES BANK Debit Cards
Under this solution, 2500+ IATA accredited agents will be serviced by YES BANK to make payments on the Global Distribution Systems (GDS) booking systems
Digitization of payments will increase cash flow into the Airline Industry for both airlines and IATA agents in India with fund realization turn-around time improvement by almost 9-10 days
IATA agents can now book more tickets and enjoy other support benefits as a part of the YES BANK programme
With this partnership stitched with IATA and Deutsche Bank, YES BANK is targeting an annual throughput of INR 20,000 crore in due course
Mumbai, September 17, 2018: YES BANK, India’s fourth largest private sector bank announced partnership with International Air Transport Association (IATA) to launch ‘IATA EasyPay’ in India in association with Deutsche Bank (IATA’s global banking partner). Easy Pay is a pay-as-you-go programme that aims to increase cash flows in the airline industry for both airlines & IATA agents and helps YES BANK deepen its existing relationship with IATA accredited travel agents who contribute to majority of the air-ticketing done in India.
The solution aims to not only completely digitize the ticket booking payment process for travel agents but also introduce a unique ‘cash & carry’ model that will help agents minimize the bottleneck of ticketing limit that they usually encounter due to commercially defined credit arrangements with airlines. By re-engineering the payment workflow for ticketing agents and providing a suite of digital banking services to them, YES BANK aims to become the Indian airline industry’s agent of growth helping airlines and IATA agents manage cash-flow efficiently by reducing their fund realization turn-around-time from 11 days to just a couple of days.
The IATA EasyPay solution rolled-out in association with YES BANK & Deutsche Bank in India, makes it easy to reconcile transactions, simplifying cash management for the entire universe of IATA agents in India.
Commenting on the development, Mr. Rana Kapoor, MD & CEO of YES BANK said, “YES BANK is pleased to partner a large global association like IATA and commence the digitization of payment solutions for the airline industry in India. Partnerships such as these reinforce trust of large global players in the Bank, standing testament to its strength in implementing new age banking solutions.
In its continuous endeavor to further Digital payment solutions in India, YES BANK has introduced several cutting-edge solutions across industries and gained leadership position in the Digital payments space.”
“Our partnership with YES BANK to rollout IATA EasyPay is an important component for the implementation of NewGen ISS in India. NewGen ISS is a modernization of the Billing and Settlement Plan, and brings faster, safer and more cost effective and relevant financial settlement services and solutions to airlines and travel agents. It is already live in 21 countries and we look forward to having India as part of the NewGen ISS countries from October,” said Ms Yeoh Hoy Chin, IATA’s Regional Director, Financial and Distribution Services, Asia-Pacific.
The new digitization process is expected to enhance ease of doing business for IATA agents pan India, which helps the new agents entering the business and safer selling of tickets issued.
Also, the solution will enable instant hassle-free payments for air-tickets on a continuous basis, ensuring business continuity and providing IATA agents with added assurance that selling can continue. This solution is also a key enabler for a new accreditation model under NewGen ISS, “IATA GoLite”, which will greatly help such agents do away with bank guarantees or insurance requirements, thereby offering more choices for travel agents based on their business needs.
In addition to the pan India digital launch, YES BANK will also be launching the solution with detailed Knowledge Series for travel agents in Mumbai, Delhi, Bangalore, Ahmedabad, Chennai and Kolkata, to begin with.
*Edited on 19-09-2018 3:00 PM
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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