Woori Bank Launches Settlement Bank Service for International Air Transport Association

Settlement Bank Service for Travel Agencies, Freight Forwarders, and Airlines Payment Starts from the 20th
Fast and Accurate Fare Settlement through Process Automation

[Asia Economy Reporter Song Hwajeong] Woori Bank announced on the 20th that it will launch the International Air Transport Association (IATA) airline payment settlement bank service.

IATA is an international non-profit organization established for fare determination and settlement of civil airlines in each country, with 290 member airlines in over 120 countries. IATA Asia-Pacific Headquarters selected Woori Bank as the settlement bank for the Korean market in June last year, and as a result, Woori Bank will exclusively handle airline payment settlement operations amounting to 12 trillion KRW annually.

Earlier, in March 2015, Woori Bank exclusively implemented IATA's new airline ticket payment system called the 'Easy Pay Solution' and has been providing the service since then. IATA Easy Pay is a payment service that shortens the deposit deadline for settlement payments to airlines and simplifies the ticketing and refund procedures for travel agencies.

Woori Bank's new IATA settlement bank service automates processes to settle airfares more accurately and quickly, and offers dedicated products such as accounts and payment guarantees for travel agencies and freight forwarders. Additionally, through a dedicated web platform, it provides various services including ▲payment details confirmation ▲easy application for payment guarantees ▲dedicated product information ▲customer center.

Woori Bank plans to operate stable settlement services together with IATA using advanced systems and financial services, and continuously upgrade services for airlines, travel agencies, and freight forwarders participating in the settlement.

A Woori Bank official stated, "By implementing the IATA settlement bank service at Woori Bank, we can provide convenience in fund settlement for airlines, travel agencies, and freight forwarders," and added, "We will actively participate in new businesses led by IATA to enhance Woori Bank's status in the global market."

This content was produced with the assistance of AI translation services.