Krung Thai Bank extends BoNY payments and trade processing contract

Source: Bank of New York

The Bank of New York recently signed an expanded electronic banking and cash management services agreement with Krung Thai Bank, making Krung Thai Bank the first local bank in Thailand to offer its clients an Internet-based system for payment and trade transaction processing.

Krung Thai and its clients now have access, on a private label basis, to the Bank's suite of Internet-enabled payment and trade information products. The Bank of New York is providing these services to Krung Thai Bank through its branch network in the United States and Asia.

Eric Kamback, executive vice president and head of global payment and trade services at The Bank of New York, said, "This arrangement enables Krung Thai Bank and its customers to use our Internet-based system to increase their efficiency in meeting their trade and payment needs. This alliance reflects our continued commitment to providing our global client base with high quality service, leading technology and timely access to our processing network."

Pongsathorn Siriyothin, first senior executive vice president of Krung Thai Bank, said, "The Bank of New York's proprietary payment and trade services technology provides us with state-of-the-art Internet services that connect seamlessly with our back-office systems. Together with the Bank's processing network, we are able to offer very competitive trade and payment services to the Thai marketplace."

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