PromptPay collections for corporates is a fast and secure offering that makes use of either an account number or a proxy-id to receive incoming payments
Global financial services firm Deutsche Bank, through its Bangkok branch, has launched its new service PromptPay instant payments in Thailand.
The bank is expected to provide its clients with instant collections, as part of the phase one roll-out, and would enable instant payments across the country under phase two.
Deutsche Bank Thailand chief country officer Pimolpa Suntichok said: “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 is part of a government-led payments modernisation program in Thailand
The PromptPay collections for corporates is a fast and secure offering that makes use of either an account number or a proxy-id to receive incoming payments throughout the nation, including corporate income tax refunds from the Revenue Department without any additional charges.
Deutsche Bank said that its PromptPay solution is part of a government-led payments modernisation program that targets financial inclusion and incorporating electronic payments.
The initiative is operated by National ITMX, Thailand’s national payments service provider.
The bank offers instant payments as a service to enable beneficiaries to receive funds within seconds, which could minimise the risks of outstanding payments and maximize working capital.
In addition, the bank is offering new interactive opportunities to its client, by combining instant payments with application processing interface (API) technology.
The offering allows its clients to easily integrate payments into their business and treasury processes.
Deutsche Bank ASEAN corporate bank head 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.”
In November last year, Deutsche Bank announced the introduction of WeChat (Known as Weixin in mainland China) on its Symphony platform.
The WeChat Symphony solution is aimed at providing enhanced digital client experience for clients in Asia, particularly Chinese clients.