Thai banks to set up Internet payments network

Thai banks to set up Internet payments network

The Bank of Thailand (BOT) has approved the setting up by the Thai Bankers’ Association of a national Interbank Transaction-Management Exchange (ITMX) to provide electronic payment services over the Internet, according to a report in The Nation newspaper.

Saowanee Suwannacheep, senior adviser to the BOT, told the newspaper that ITMX would provide automated and mobile phone-based payment services to businesses, individuals and local and international banks via a centralised IT infrastructure.

The new system will be set up under the auspices of Professional Computer Co, which provides interbank payment and ATM services to the local banking community, and will be introduced some time next year.

"We want to invite the Thai Bankers’ Association and other financial associations to participate in encouraging business transactions though the Internet, in order to foster competitiveness with international banks and businesses," Suwannacheep told The Nation. "We also want to encourage the financial sector to do business electronically."

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