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.”
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.