Siam Commercial Bank PCL and FIS win Best Retail Payment Implementation Award for innovative payment application process

• Financial technology provider FIS and Siam Commercial Bank partnered to implement an innovative Payment Hub for payment processing applications
• The Payment Hub uses APIs to deliver a range of innovative payment services
• The bank recorded nine million customers and almost 50 million transaction volume per month since implementation of the Payment Hub

28 October 2020, Singapore - Siam Commercial Bank PCL and financial technology leader FIS have been awarded Best Retail Payment Implementation at the Financial Technology Innovation Awards 2020 presented by The Asian Banker.

FIS and SCB partnered to implement an innovative Payment Hub for payment processing applications

Siam Commercial Bank (SCB) partnered with FIS to implement an innovative Payment Hub for its payment application process. FIS developed a future-proof payments platform with standard services that would support SCB’s customer payment processing and rapid launch of new payment products to the market. This ISO 20022 native solution complies with the National E-Payment Roadmap driven by the government and the Central Bank of Thailand.

The Payment Hub uses APIs to deliver a range of innovative payment services

FIS’ Open Payment Framework (OPF), part of the company’s Payments One portfolio, was used to deploy the real-time payment hub and enable agile and flexible delivery of the bank's initiatives. 

The Payment Hub helped the bank offer new transactions for customer experience and efficient processing that included the following: cardless cash withdrawals at ATM, processing of cross-border transactions from Ripple and other networks, payment services at agent networks including 7-Eleven, and QR-code payment methods including B-scan-C within the national real-time payment network PromptPay.

The bank recorded nine million customers and almost 50 million transaction volume per month since implementation of the Payment Hub

The project implementation led to significant business improvement for SCB. It resulted in a shorter time to market new products and reduced the period from eight to within four to five weeks. Software quality was improved through reduction of defects in production leading to better performance. As a result, the bank covered nine million customers and transaction volumes reached nearly 50 million per month.

SCB’s Trirat Suwanprateeb, chief technology officer, in accepting the award said, “Our success is truly a result of teamwork. I would like to congratulate our partner FIS and our Payment Hub team for a job well done.”

Kanv Pandit, group managing director, APAC, Banking Solutions, FIS said, “It is truly a pleasure to work with a visionary organisation like Siam Commercial Bank that understands the power of leading-edge technology in achieving its business goals. Congratulations to the bank and the entire team for this well-deserved recognition and for the success of this project and partnership.”

For video of award presentation and the winners’ acceptance speech, click here.

For video of the Financial Technology Innovation Awards 2020 Virtual Ceremony, please click here. 

About The Asian Banker 

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com 

You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/

For further information, you may get in touch with:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com