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.
Shares of YES BANK LTD. was last trading in BSE at Rs.227.05 as compared to the previous close of Rs. 318.5. The total number of shares traded during the day was 20785936 in over 191274 trades.
The stock hit an intraday high of Rs. 286.65 and intraday low of 210.1. The net turnover during the day was Rs. 5132562208.