Deutsche Bank launches PromptPay instant payments in Thailand
Deutsche Bank AG launched PromptPay instant payments in Thailand for the customers of the Bangkok branch and would be soon able to use and access electronic payments via PromptPay service. Under the first phase rollout, the bank will offer its clients instant payments collection throughout Thailand. The next phase will be rolled out later this year under which instant payments will be made available throughout the nation.
According to Deutsche Bank, PromptPay collections are fast and secure and use an account number or proxy id to receive payments nationwide. This will also be used to get corporate tax refunds from Thailand’s Revenue Department without any additional charges.
“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,” said Pimolpa Suntichok, Chief Country Officer for Thailand at Deutsche Bank.
PromptPay is part of Thailand’s government initiative of payments modernization and is operated by National ITMX Ltd, a national payments service provider in Thailand. The bank offers its own API with PromptPay to make it more interactive and seamless for clients to integrate into their business and treasury processes.
“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.” said Head of ASEAN for the Corporate Bank at Deutsche Bank Burkhard Ziegenhorn.