Deutsche Bank AG’s Bangkok Branch has accelerated payment efficiency in Thailand with the launch of PromptPay instant payments.
As part of the phase one roll-out, the bank will be offering its clients instant collections throughout Thailand. Later in the year, phase two will enable instant payments to be made throughout the country.
Pimolpa Suntichok, Chief Country Officer – Thailand at Deutsche Bank, commented: “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 FX and risk solutions, and such innovative payment capabilities, in order to meet evolving client needs.”
PromptPay seeks to focus on speed and secure, using either an account number or a proxy-id (corporate tax ID 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 program aimed at supporting financial inclusion and the roll-out of electronic payments. The system is operated by National ITMX Ltd, a national payments service provider in Thailand.
Burkhard Ziegenhorn, Head of ASEAN for the Corporate Bank at Deutsche Bank, added: “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.”