Stanchart to be Iata bank


The International Air Transport Association (Iata) has picked Standard Chartered Bank Plc to manage its billing and settlement plan (BSP), covering some $1.3 billion in annual payments in four Gulf states.

It said the transactions involve some 55 airlines and 400 approved travel agencies operating in the UAE, Qatar, Bahrain and Oman.

The statement said that under the deal, Standard Chartered will collect the billings twice monthly from over 400 travel agents across the Gulf.