Bank of Thailand Goes Live with Clear2Pay’s Imaged Cheque Clearing

The Bank of Thailand has gone live with Clear2Pay’s Imaged Cheque Processing (OPF), which has enabled 37 banks in Thailand to securely transfer cheque data and images to and from the central bank.

One of the goals of Thailand’s central bank has been to move towards one clearing house, one cheque clearing system and one-day clearing for the entire country. The bank made it clear from the outset that it wanted to take advantage of recent technological advances and thus redesign the entire cheque processing system based on the interbank exchange of cheque images, rather than paper cheques.

Clear2Pay, along with its Thai business partner OGA Syncom, has supplied the Imaged Cheque Member Gateway to all 37 member banks so they can communicate with the central clearing house and the OPF imaged cheque processing, which resides at the central bank. This new system is unique in that it ensures full central straight-through processing (STP) imaged cheque processing. The implementation has gone live in the Bangkok Metropolitan Region and will expand to cover the whole country within the next year.

Dr Chim Tantiyaswasdikul, special advisor to Governor (IT and Payment Systems) at the Bank of Thailand, said: “Our objective was ambitious so I am even more pleased that we met our goals of modernising our cheque system in a future-proof, efficient and secure manner. The new technology, developed and implemented with the assistance of OGA Syncom and Clear2Pay, enables us to provide a better service for banks in Thailand and their customers. I am also impressed by the effort put in by our banks to develop and adopt their systems and operations to the new way.”

6 views

Related reading

trump-and-clinton
ap_moller_maersk
bank-of-japan
us-business