Bank of Thailand taps Clear2Pay for imaged cheque clearing system

Source: Clear2Pay

Clear2Pay, the international technology provider of next generation payment solutions for financial institutions and its Thai business partner OGA Syncom announce today that the going live of their Imaged Cheque Processing (OPF) enables 37 banks in Thailand to securely transfer cheque data and images to and from the Central Bank (Bank of Thailand).

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. It has now done so by supplying the necessary 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 STP imaged cheque processing. The implementation has gone live in the Bangkok Metropolitan Region in a flawless and timely manner and will expand to cover the whole country within the next year.

Mr. Wisuit Tassanaiam, President and CEO of OGA Syncom states: "We are delighted that together with our payments partner Clear2Pay we were able to deploy a new way of clearing cheques in a unified way to the Thai banking community".

Dr. Chim Tantiyaswasdikul, Special Advisor to Governor (Information Technology and Payment Systems) at the Bank of Thailand adds: "Our objective was ambitious so I am even more pleased that we met our goals of modernizing 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."

Stephen Peters, General Manager Clear2Pay APAC concludes: "OGA Syncom's local expertise in the member gateway technology has been hugely complementary to our market leading OPF technology which forms the central cheque clearing house at the Central Bank. In this manner we could jointly deliver this ambitious project in a timely and efficient manner, moving forward together with the Bank of Thailand to make a huge step in Thailand's payments modernisation program." 

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