US payments systems vendor eFunds is teaming with IBM and Bangkok-based IT services firm Infomax to implement a new payments network for the National Interbank Transaction Management Exchange (ITMX) in Thailand.
ITMX - which was established in 2005 to provide banks, businesses and consumers with access to online and electronic payment services - acts as a switching centre for interbank, b2b, b2c and c2b transactions.
The new network will be powered by eFunds' application software running on IBM System P servers and WebSphere middleware. Infomax will provide implemetation and on-going support services.
EFunds says the network will automate transaction and settlement processing across Thailand's banking system, eliminating the need for individual banks to upgrade and maintain their own payment systems. Credit and debit card management will be streamlined by the network, with the provision of real-time and batch transaction processing for ITMX member banks.
The network will manage over 1.5 million transactions per day and this is projected to grow 15% percent annually over the next several years.
Commenting on the deal, Wanna Noparbhorn, managing director, ITMX, says: "EFunds, working with IBM and Infomax, was the only vendor able to offer us a complete solution with fraud and risk management as integral components."
Shailesh Kotwal, president of eFunds International, says the deal "will ensure ITMX is ready to face the challenges of the evolving financial services market, grow their business and respond to market demands".