Deutsche Bank’s Bangkok branch has launched PromptPay instant payments in Thailand. As part of the phase one rollout, the bank will be offering its clients instant collections, and later in the year, phase two will enable instant payments to be made throughout the country.
The PromptPay collections for corporates are fast and secure and use either an account number or a proxy ID (corporate tax identification number) to receive incoming payments nationwide as well as corporate income tax refunds from the revenue department without any additional charges.
PromptPay is part of a government-led payments modernisation programme aimed at supporting financial inclusion and rollout of electronic payments. The system is operated by National ITMX Ltd, a national payments service provider in Thailand.
Deutsche Bank offers instant payments as a service allowing beneficiaries to receive funds within seconds, thereby minimising the risks of outstanding payments and maximising working capital.
In addition, by combining instant payments with application processing interface technology, the bank is able to offer new interactive opportunities to its clients to seamlessly integrate payments into their business and treasury processes. Currently, Deutsche Bank supports instant payments in nine locations around the world.
“Efficiency, accuracy and speed of payments are increasingly critical for corporates, so we are very proud to make instant payments available to our clients. Deutsche Bank remains deeply committed to its franchise in Thailand and to investing in cross-border foreign exchange and risk solutions, and such innovative payment capabilities, in order to meet evolving client needs,” Deutsche Bank’s chief country officer in Thailand Pimolpa Suntichok said.
On the other hand, Deutsche Bank’s head of ASEAN for the corporate bank Burkhard Ziegenhorn said, “PromptPay is the third instant payment platform we are rolling out in ASEAN after FAST in Singapore and DuitNow in Malaysia, and we expect to further expand our instant payment capabilities in ASEAN with the Philippines and Vietnam in the next 24 months. These platforms help our corporate clients to replace traditional modes of payments such as cheques, a trend we are seeing sharply accelerating in the current pandemic environment.”
Re-disseminated by The Asian Banker