Business and technical innovation provides a new world for customers
BANGKOK, Nov. 7, 2017 /PRNewswire/ -- SWIFT announces today that 3 major Thai banks, Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank are part of over 120 banks around the globe that are now live or planning to implement SWIFT's Global Payments Innovation (gpi). Together, these Thai banks represent over 70% of cross-border payments flow for Thailand.
SWIFT gpi introduces a new set of business rules and further technical innovation to reduce the friction that exists in cross-border payments and to create more transparency in an effort to improve the supply chain for corporates, in what is already the largest change in cross-border payments in more than three decades. The initiative transforms bank customers' cross-border payments experience by bringing together same day payment, transparency of fees and real-time tracking. It is based on the existing SWIFT rails trusted by the industry for over 40 years.
Sharon Toh, Head of ASEAN Region at SWIFT said: "SWIFT gpi is the biggest overhaul to happen to cross-border payments in the last 30 years. In an increasingly connected world, banks' customers are demanding faster, more transparent and traceable payment services to support their personal and business needs. Phase 1 of SWIFT gpi will already deliver a much improved customer experience, but it is just the first step in a multi-year program of continuous improvement. We are confident the initiative will highly benefit corporates in Thailand, especially in the context of ASEAN integration."
Pongbhoka Buddhi-Baedya, VP and Manager, Global Payment Services Department, Bangkok Bank said: "Bangkok Bank strongly supports our clients to expand their business internationally, especially in the AEC countries. We are pleased to be a part of SWIFT's global payments innovation and believe this new innovation will help our clients do their business more effectively with greater treasury efficiency and features such as same-day use of funds, transparency and predictability of fees, end-to-end payment tracking and transfer of rich payment information."
Silawat Santivisat, Executive Vice President, Corporate and SME Products Division Head, Kasikorn Bank said: "Banking 4.0 is the new paradigm for Kasikornbank, aiming to be customer's platform of choice supported by the SWIFT global payments innovation service. This world class standard of international payment enhances Kasikornbank to be beyond banking but a trusted organisation in digital era that can provide customers with speed, transparency, and accuracy."
Pipat Assamongkol, First Executive Vice President, Global Transaction Services Department, Siam Commercial Bank said: "In today's transactional banking business, transparency on cross border payment is probably the one the market longs for quite some time. This SWIFT global payment initiative is a key enabler for the industry to bring cross border payment services to a new level in terms of tracking and fee transparency. SCB is very pleased to participate in this initiative which also aligns with our commitment to provide our clients a better experience in the cross border payment space."
To learn more, visit swift.com/gpi or ask your bank about SWIFT gpi.
SWIFT is a global member-owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.
Head of Public Affairs & Communications, Asia Pacific
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