Deutsche Bank’s Bangkok branch has launched a new instant payments service PromptPay in Thailand.
PromptPay is part of a government-led payments modernisation programme aimed at supporting financial inclusion and the roll-out of electronic payments.
Pimolpa Suntichok, Chief Country Officer at Deutsche Bank Thailand, said: “Efficiency, accuracy and speed of payments are 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.”
As part of the phase one roll-out, the bank will offer its clients instant collections throughout Thailand. Later in the year, phase two will enable instant payments to be made throughout the country.
Burkhard Ziegenhorn, Head of ASEAN for the Corporate Bank at Deutsche Bank, said: “PromptPay is the third instant payment platform we are rolling out in ASEAN after FAST in Singapore and DuitNow in Malaysia.
“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.”
Through combining instant payments with API technology, Deutsche Bank aims to offer new interactive opportunities for its clients. Currently, the bank supports instant payments in nine locations around the world.
In addition, National ITMX Ltd, a national payments service provider in Thailand, operates PromptPay.
Earlier this year, the German bank was in the headlines after launching a digital FX platform in Sri Lanka. The roll-out marked Deutsche Bank’s first step in introducing a suite of FX solutions for corporate clients in Sri Lanka.