KARACHI, November 12 2024: Standard Chartered Bank (SCB) Pakistan has made a significant stride in the financial and travel sectors by launching a customized IATA EASY PAY solution tailored specifically for Pakistan’s market. This innovative solution aims to simplify the billing and settlement process for IATA (International Air Transport Association) Agents, transforming how airline tickets and air travel services are issued and paid for.
The new IATA EASY PAY system allows IATA agents to pre-fund their accounts, which can then be used to issue airline tickets and manage additional travel-related services. By creating a closed-loop payment model, SCB’s solution eliminates credit risk, giving agents an additional payment channel while ensuring faster transactions between agents and airlines. This change is set to significantly boost liquidity for airlines, who will now benefit from expedited settlements and greater financial transparency.
The bank’s use of advanced open APIs and virtual account or ledger capabilities is at the core of this efficiency boost. This streamlined solution enhances every step, from agent onboarding to direct airline settlements, creating a smoother, more transparent experience for both sides.
“This IATA EASY PAY solution reinforces our commitment to delivering innovative digital financial solutions tailored to our clients’ unique needs,” said Shiraz Hyder, Head of Transaction Banking at Standard Chartered Bank Pakistan. “We aim to drive operational efficiency, so our partners in the air travel industry can focus on their core business with ease and confidence.”
Feroze Jamall, IATA’s Country Manager for Pakistan, echoed this sentiment, emphasizing the importance of partnership in achieving these advancements. “IATA EASY PAY provides Pakistan’s travel agent community with an additional payment solution for ticket issuance via the BSP. Working closely with Standard Chartered has allowed us to enhance this service specifically for the Pakistan market, providing crucial support to the nation’s travel agents,” Jamall shared.
To ensure the seamless adoption of this new solution, Standard Chartered and IATA have organized roadshows in Karachi, Islamabad, and Lahore. These sessions will offer agents a hands-on introduction to the EASY PAY system, illustrating how the improved payment structure can support their business operations more effectively.
With the EASY PAY solution, Standard Chartered continues to redefine the role of banking in the airline industry, setting a new standard for operational efficiency, liquidity support, and financial clarity. This development is expected to strengthen Pakistan’s travel infrastructure, benefitting both travel agents and airlines alike as they adapt to a streamlined, efficient way of doing business.
