The registration process involves a user filling out a form at their bank, like SBI, which is then sent to IRCTC for processing. IRCTC sends the details back to the bank with a booklet containing PIN codes for different stations. The bank then generates a unique PIN for the user's account to pay for government services and tickets through IRCTC. The IRCTC IVRS model allows users to check availability, book, and pay for tickets over the phone in a secure process. Users enter their train number, stations, and journey date to check availability before booking and paying with their unique PIN. Payment is confirmed through SMS with booking details once the transaction is complete.