The International Air Transport Association (IATA) has rolled out a new payment model for travel agents which aims to ease cash flows for airlines.
Currently, travel agents in India receive seven-day credit to pay airlines for ticket bookings under the IATA's billing and settlement plan. Agents are required to furnish a bank guarantee to avail credit.
Under the EasyPay scheme announced today, agents will be able to make payments using a debit card. IATA has tied up with Yes Bank to implement the scheme in India.
The EasyPay is a component of the new generation settlement system (NewGen ISS) launched by IATA which represents over 250 airlines around the world.
EasyPay is a voluntary payment model and agents can continue to avail seven-day credit under the existing process. However, agents may have to furnish a bank guarantee of a higher amount to avail credit as IATA has reworked some of its policies governing the agents' accreditation.
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