Services
Services
Services
• Payment Systems
• Remittance Systems
- Domestic Remittance
- International Remittance
• Digital Transformation
Thai QR Code
The Payment Systems Office of the Thai Bankers' Association, regarding with the Bank of Thailand (BOT) through consultation among the Government Financial Institutions Association, Association of International Banks, Thai Electronic Transactions Association and member agencies, jointly defined the Thai QR Code (Thai Quick Response Code – TQRC) standard for common use in domestic payment or fund transfer, adhering to global QR Code guidelines and standards from EMVCo for correct and intended practices. Hence, details and business rules have been specified for mutual compliance.
This standard may change and be amended in the future to support other special services and future modern payment formats apart from PromptPay fund transfer/payment. Coordination with BOT, PSO and the Thai Bankers’ Association is needed to improve the QR Code standard in various payment transactions (Thai QR Code Payment Standard).
Banks or service providers who have not joined PromptPay system should adapt this standard appropriately for their businesses and types of payment/fund transfer services. Consultation with PSO or BOT can be done on a case-by-case basis.
BOT QR Payment
The Bank of Thailand (BOT) and the National Payment Infrastructure Committee comprising commercial banks and Thailand Post Company Limited together with government and private agencies have jointly defined barcode standards for use in various payment documents such as electricity, water, telephone bills containing useful information for making payment at public and private sector payment counters including banks.
BOT has developed a policy guideline for using BOT QR Code standards in payment transactions (Policy Guideline: Standardized Thai QR Code for Payment Transactions) for domestic payment service providers to use BOT QR Code standards aligned with international practices, increase convenient electronic payment acceptance channels with lower costs, enhance convenience and security in making payments, and enable the possibility of future financial and modern payment innovations.
The QR Code standard for making payments for goods, services and billing is based on the practice guideline for developing codes for payment and fund transfer dated - March 3, 2017 which can contain other payment-related information such as information for issuing receipts and tax invoices.
Thai Bank Chip Card Scheme (TBCC)
The Bank of Thailand (BOT) has a policy to improving the country's payment system standards. And development of financial services in order to meet worldwide standards, especially electronic payments that will be accepted in the future. Hence, BOT mandate Thai Bank Chip Card Scheme is Thailand standard to personalization ATM/Debit cards to use for domestic transactions.and to be ensure that fulfills international requirements. as well as to define standards for various devices to support Thai standards which comprise of 2 categories:
- Local Debit
- Multi-Brand Debit i.e. VISA+TBCC, Mastercard+TBCC and UPI+TBCC
The Thai Bank Chip Card Council (TBCC) was founded sinc2015 by Bank of Thailand.Payment Systems Office (PSO) of the Thai Bankers' Association serving as the primary administrator. The TBCC produced a standardized chip card standard for debit/atm cards. We have member of commercial bank and governance bank, The rule and responsibilities below:- Consider and monitor chip card standards used in Thailand.
- Define and monitor CA (Certification Authority) standards.
- Define standards for BIN (Bank Identification Number), IIN (Issuer Identification Number) and AID (Application Identifier).
- Define and control Chip Certification and Card Certification standards.
- Define and monitor Local card Brand.
Financial institutions will have to comply with Sub License Agreement (SLA) conditions mutually defined. As well as provide opinions for agencies or organizations applying for approval of debit cards under the TBCC standard to enhance electronic payment service security, build confidence in the financial. The payment systems and consider opinions for agencies/organizations applying for approval of debit cards under the TBCC standard to increase electronic payment service security as well as establish confidence in the country's financial and payment systems.
The Ministry of Finance and BOT have announced the categorization of important payment systems as regulatory guidelines to support this common standard system. Covering the importance of equal regulatory guidelines to promote efficiency in domestic payment system competition. Encourage financial institutions to issuedebit cards to the public according to the strategy to promote the country's electronic payment systems (National e-Payment).
ORFT
On-line retail Funds Transfer (ORFT) is a service allowing money transferors to immediately transfer money to transferees' accounts in other banks through various channels such as ATM, bank branch counters or Internet banking. Money transferees can instantly withdraw money from their accounts after money transferors have successfully conducted transactions. However, such money transfer service can only be used among banks who are members of each system.
- ATM transfer or known as ATM ORFT – Money transferors can conduct money transfer transactions to money transferees using ATM cards at ATMs of banks where money transferors or transferees have accounts by specifying transferee account numbers and transfer amounts not exceeding 30,000 baht per transaction. Money transferors will receive ATM slips as proof and some banks will notify transferees via SMS as well. The advantage of ATM ORFT transfer is that money transferors can instantly conduct transactions at ATMs without having to spend time travelling to bank branches for money transfer, queuing or waiting for bank operating hours. It is a safe money transfer method without having to risk carrying cash to banks. Fees are equal nationwide regardless of whether money is transferred within or across provinces.
- Counter transfer at bank branches or known as Counter ORFT – Money transferors can conduct money transfer transactions at bank branch counters providing the service. Money transferors are not required to have deposit accounts with those banks. The maximum amount per transaction is 100,000 baht. Money transferors will receive pay-in slips as proof. The advantage of Counter ORFT transfer is that money transferors do not need to open accounts. They can use the service at any bank that is a member of the money transfer system.
- Internet banking transfer or Internet ORFT – Money transferors can conduct money transfer transactions via the Internet which requires them to have opened bank accounts. The maximum amount per transaction is 100,000 baht. Transactions must be verified by entering the one-time password (OTP) sent by the bank via SMS for each transaction. The advantage of Internet ORFT transfer service is that money transferors can conduct 24-hour transactions from any location with Internet access without having to spend time travelling to bank branches for money transfer, queuing or waiting for bank operating hours. Moreover, money transferors can also schedule future transfers or recurring transfers. It is a safe money transfer method without having to risk carrying cash to banks. Transfer history and details can be viewed.
Precautions in using ORFT money transfer services - Money transferees’ account numbers, names and transfer amounts should be correctly verified before confirming transactions. Conditions regarding the maximum transfer amount per transaction and fees for using various channels should be studied to appropriately and cost-efficiently choose channels, e.g. each ATM ORFT transaction can transfer up to 30,000 baht. If needing to transfer over 30,000 baht, transactions can be done in multiple times (e.g. needing to transfer 60,000 baht can be done in 2 transactions with 35 baht fee per transaction totaling 70 baht). However, daily maximum transfer amount limits differ for individual ATM/debit cards. For Internet Banking transfer service use, account numbers shown in OTP SMS should be verified to ensure it is the account you intend to transfer to before conducting transactions. Anti-virus software should also be regularly updated.
PromptPay
PromptPay is a new option for the public, business and government sectors under the government's National e-Payment Master Plan. It is an online real-time money transfer system developed using 3 basic types of Proxy ID information: Citizen ID number, mobile phone number and e-wallet ID for conducting interbank money transfers or funds transfers. Money transferors' bank accounts will be debited to credit transferees' bank accounts at other banks and money transferees will instantly receive money after successful transactions. The operational approach is to build a Centralized Registration Database for the public to register and link their PromptPay IDs with bank account numbers through various bank channels e.g. branches, ATMs, call centers, Internet banking and mobile banking. When customers conduct money transfer transactions through various bank channels, the system will search for money transferees’ bank account numbers linked to those PromptPay IDs in the central database which they have already registered. Money will then be transferred to the accounts of money transferees at destination banks.
PromptPay is therefore a new option for money transfer/receipt, providing more convenience than traditional money transfer as it can use citizen ID numbers or mobile phone numbers instead of bank account numbers which are easier to remember.
Characteristics
- Real-time online payment
- Capped amount per transaction or per day according to criteria of individual banks providing services not exceeding 2 million baht.
Bulk Payment (SMART)
It is a service for high-volume low-value interbank money transfers where money transferees at other banks will receive money on the transfer date depending on selection of Same Day (DC2) or Next Day (DC3) services such as:
- Salary, wage, pension payments to employee/worker accounts
- Dividend payments to shareholder accounts
- Tax refund payments by the Revenue Department
- Interest payments on various instruments
Bulk Payment Same Day (DC2) is money transfer from a customer account at one bank to a customer account at another bank where the customer will receive money on the same transfer date, providing more convenience without having to wait until the next business day. Transaction types are similar to Bulk Payment Next Day.
Bulk Payment Next Day (DC3) is money transfer from a customer account at one bank to a customer account at another bank where the customer will receive money on the next business day after the transfer date.น
Characteristics
- Batch/Bulk payment transferring orders of multiple transactions in one file
- Maximum amount per transaction not exceeding 2 million baht
BAHTNET
The Bank of Thailand (BOT) has developed the Bank of Thailand Automated High-value Transfer Network (BAHTNET) as financial infrastructure to support high-value money transfers among financial institutions and institutions with deposit accounts at BOT in real-time gross settlement (RTGS) which commenced services since 24 May 1995 with the objectives to mitigate settlement risk between financial institutions having BOT deposit accounts and provide efficient, fast and safe money transfer service for third parties. Before BAHTNET, most interbank payments were conducted by cheque which did not allow money transferees to instantly receive money as the cheques had to go through clearing and settlement process between payor and payee banks first. Money transferees were still exposed to risks due to non-finality of payments which could lead to overall payment system risks.
BAHTNET users can connect to the system via 2 channels:
- Connecting and exchanging messages via the global SWIFT financial messaging network which requires users to send messages in SWIFT standard formats. SWIFT users can develop inhouse systems to directly connect with BOT in a straight-through processing (STP) manner.
- Connecting and exchanging messages via BOT WEB PORTAL in BOT’s Electronic Financial Service (EFS) system using the BAHTNET Service where users sending messages through this channel can follow formats developed by BOT similar to SWIFT standard formats.
However, all service users of every institution, both S.W.I.F.T. members and non-members, will have to install the BAHTNET Service for inquiring about account balance or movement information of deposit accounts or debt instrument accounts. This includes using it to manage queues for transactions sent through the BAHTNET system and for end-of-day report management.
The BAHTNET system provides services every bank working day from 08.30 hrs. to 17.30 hrs. with various service types as follows:
- Funds Transfer – Service users can order money transfers from their deposit accounts at the Bank of Thailand to other service users’ deposit accounts or transfer money between their own accounts at the Bank of Thailand.
- Third Party Funds Transfer – This refers to money transfers per customer’s order for the bank placing the transfer order to transfer money into the account of the beneficiary at another bank. Such money transfers are carried out on a same day basis.
- Inquiry – Service users can use the BAHTNET system to view information related to their deposit accounts at the Bank of Thailand such as account balances, account movements and inquire about data transfer transactions pending processing or already successfully processed.
- Bilateral Communication – Service users can send messages via the BAHTNET system to other service users anytime the system is available.
- Message Broadcast – This would normally be announcement messages from the Bank of Thailand to all service users. If any service user wishes to send a message for all users on the system to know, they can ask the Bank of Thailand to broadcast the message.
- Multilateral Funds Transfer (MFT) – This refers to a process of simultaneous multi-party money transfers that the Bank of Thailand applies for net settlement of service users’ account debit and credit transactions (performing debits and credits simultaneously), such as cheque clearing account settlement and funds transfer account settlement.
Additional information source:
https://www.bot.or.th/Thai/PaymentSystems/PSServices/bahtnet/Pages/default.aspx
Switch-to-Switch Model
This is a cross-border payment connectivity approach driven by policy through support from central banks of both countries to benefit the public, gaining efficient and low-cost services, and for service providers to meet diverse customer needs, increasing business opportunities.
Sponsor Bank Model
This is a cross-border payment connectivity approach driven by business, with a bank serving as the connectivity service provider with a bank or payment service provider overseas.
SWIFT
This refers to wire transfer services via banks that are members of the system with SWIFT Codes, which are codes used to identify banks and their branches worldwide (Bank Identifier Codes) for interbank money transfers, especially cross border, for convenient and fast transactions. The codes under this standard are often called BIC codes or SWIFT codes. Banks provide services for overseas money transfers via Mobile Banking, Internet Banking – transactions are easy, convenient, safe, and importantly, customers don’t need to visit Bank of Thailand branches. The Bank of Thailand specifies maximum transfer limits out of Thailand, depending on money sources and/or transfer objectives, including supporting documents, such as payment for goods and services with invoice documentation, for example.น
PromptBiz
PromptBiz stands for Smart Financial Infrastructure and Payment for Business. It is a payment and trade infrastructure for the business sector to support domestic payments and trade transactions, interlinking various data in alignment with international standards. This enables innovation and increases business access to funding sources.
National Digital ID (NDID)
The National Digital ID (NDID) Platform is under the control of National Digital ID Co., Ltd. (NDID), a joint venture company between Thai commercial banks, securities companies, asset management companies, life insurance companies, non-life insurance companies, electronic payment service providers, the Stock Exchange of Thailand, and Thailand Post. Each company is under supervision, so we can be confident that the supervising agencies and those companies must comply with relevant laws and regulations regarding data security.
The NDID Platform is a central platform used as infrastructure for digital identity verification and authentication to interconnect government and private sector agencies. It is a central system for managing Digital IDs to support electronic transaction processes for individuals and juristic persons, such as digital identity verification and authentication (e-KYC), digital signature (e-Signature), and electronic consent for data disclosure (e-Consent). This helps standardize and enhance the reliability of various transactions, as well as create a Data Sharing system by connecting data from different agencies. However, such Data Sharing must obtain prior consent from the data owners before the data can be connected.
The platform is designed based on the principles of Data Security and Privacy by Design. It offers high security through data encryption for sending and receiving, and the system does not centrally store data. The data remains with the agencies that manage the data and provide customer service. The system is designed under the Decentralized concept using Blockchain technology. n
Key components of the NDID Platform are:
- RP (Relying Party)
Agencies that directly provide services to customers and require an identity verification system, providing services to customers through both Face to Face and Non Face to Face channels. These are agencies that want to adopt new service formats to acquire more new customers, as well as help reduce service costs. - IdP (Identity Provider)
Agencies responsible for verifying and authenticating the identity of service applicants. They must comply with the regulations of the Bank of Thailand and the Electronic Transactions Development Agency (ETDA). They can issue credentials used for identity verification such as Mobile Banking. These agencies include banks and telecommunications companies. - AS (Authoritative Source)
Agencies that have reliable personal information of service applicants, such as banks, the National Credit Bureau (NCB), and government agencies.
Benefits
- Reduces the complexity and resource intensity involved in identity verification and authentication, whether in terms of time or labor.
- Provides convenience for service recipients to conveniently, quickly, and efficiently conduct various transactions without needing multiple IDs.
- Upgrades Thailand's transaction security to international standards. Transactions verified and authenticated through this platform offer higher security than those using copies of national ID cards.
The NDID Platform does not centrally store data. Personal data remains stored at the RP, IdP and AS. Therefore, the NDID does not see transaction data. It only stores timestamp data on the Blockchain indicating that a member has requested identity verification and authentication from the IdP and AS, and data has been sent back to the RP. For data sent from the AS back to the RP, it is transmitted outside the NDID Platform but uses standards designed by NDID. Hence, we can be assured that the NDID does not see any customer data.
Services
• Payment Systems
• Remittance Systems
- Domestic Remittance
- International Remittance
• Digital Transformation
Thai QR Code
The Payment Systems Office of the Thai Bankers' Association, regarding with the Bank of Thailand (BOT) through consultation among the Government Financial Institutions Association, Association of International Banks, Thai Electronic Transactions Association and member agencies, jointly defined the Thai QR Code (Thai Quick Response Code – TQRC) standard for common use in domestic payment or fund transfer, adhering to global QR Code guidelines and standards from EMVCo for correct and intended practices. Hence, details and business rules have been specified for mutual compliance.
This standard may change and be amended in the future to support other special services and future modern payment formats apart from PromptPay fund transfer/payment. Coordination with BOT, PSO and the Thai Bankers’ Association is needed to improve the QR Code standard in various payment transactions (Thai QR Code Payment Standard).
Banks or service providers who have not joined PromptPay system should adapt this standard appropriately for their businesses and types of payment/fund transfer services. Consultation with PSO or BOT can be done on a case-by-case basis.
BOT QR Payment
The Bank of Thailand (BOT) and the National Payment Infrastructure Committee comprising commercial banks and Thailand Post Company Limited together with government and private agencies have jointly defined barcode standards for use in various payment documents such as electricity, water, telephone bills containing useful information for making payment at public and private sector payment counters including banks.
BOT has developed a policy guideline for using BOT QR Code standards in payment transactions (Policy Guideline: Standardized Thai QR Code for Payment Transactions) for domestic payment service providers to use BOT QR Code standards aligned with international practices, increase convenient electronic payment acceptance channels with lower costs, enhance convenience and security in making payments, and enable the possibility of future financial and modern payment innovations.
The QR Code standard for making payments for goods, services and billing is based on the practice guideline for developing codes for payment and fund transfer dated - March 3, 2017 which can contain other payment-related information such as information for issuing receipts and tax invoices.
Thai Bank Chip Card Scheme (TBCC)
The Bank of Thailand (BOT) has a policy to improving the country's payment system standards. And development of financial services in order to meet worldwide standards, especially electronic payments that will be accepted in the future. Hence, BOT mandate Thai Bank Chip Card Scheme is Thailand standard to personalization ATM/Debit cards to use for domestic transactions.and to be ensure that fulfills international requirements. as well as to define standards for various devices to support Thai standards which comprise of 2 categories:
- Local Debit
- Multi-Brand Debit i.e. VISA+TBCC, Mastercard+TBCC and UPI+TBCC
The Thai Bank Chip Card Council (TBCC) was founded sinc2015 by Bank of Thailand.Payment Systems Office (PSO) of the Thai Bankers' Association serving as the primary administrator. The TBCC produced a standardized chip card standard for debit/atm cards. We have member of commercial bank and governance bank, The rule and responsibilities below:- Consider and monitor chip card standards used in Thailand.
- Define and monitor CA (Certification Authority) standards.
- Define standards for BIN (Bank Identification Number), IIN (Issuer Identification Number) and AID (Application Identifier).
- Define and control Chip Certification and Card Certification standards.
- Define and monitor Local card Brand.
Financial institutions will have to comply with Sub License Agreement (SLA) conditions mutually defined. As well as provide opinions for agencies or organizations applying for approval of debit cards under the TBCC standard to enhance electronic payment service security, build confidence in the financial. The payment systems and consider opinions for agencies/organizations applying for approval of debit cards under the TBCC standard to increase electronic payment service security as well as establish confidence in the country's financial and payment systems.
The Ministry of Finance and BOT have announced the categorization of important payment systems as regulatory guidelines to support this common standard system. Covering the importance of equal regulatory guidelines to promote efficiency in domestic payment system competition. Encourage financial institutions to issuedebit cards to the public according to the strategy to promote the country's electronic payment systems (National e-Payment).
ORFT
On-line retail Funds Transfer (ORFT) is a service allowing money transferors to immediately transfer money to transferees' accounts in other banks through various channels such as ATM, bank branch counters or Internet banking. Money transferees can instantly withdraw money from their accounts after money transferors have successfully conducted transactions. However, such money transfer service can only be used among banks who are members of each system.
- ATM transfer or known as ATM ORFT – Money transferors can conduct money transfer transactions to money transferees using ATM cards at ATMs of banks where money transferors or transferees have accounts by specifying transferee account numbers and transfer amounts not exceeding 30,000 baht per transaction. Money transferors will receive ATM slips as proof and some banks will notify transferees via SMS as well. The advantage of ATM ORFT transfer is that money transferors can instantly conduct transactions at ATMs without having to spend time travelling to bank branches for money transfer, queuing or waiting for bank operating hours. It is a safe money transfer method without having to risk carrying cash to banks. Fees are equal nationwide regardless of whether money is transferred within or across provinces.
- Counter transfer at bank branches or known as Counter ORFT – Money transferors can conduct money transfer transactions at bank branch counters providing the service. Money transferors are not required to have deposit accounts with those banks. The maximum amount per transaction is 100,000 baht. Money transferors will receive pay-in slips as proof. The advantage of Counter ORFT transfer is that money transferors do not need to open accounts. They can use the service at any bank that is a member of the money transfer system.
- Internet banking transfer or Internet ORFT – Money transferors can conduct money transfer transactions via the Internet which requires them to have opened bank accounts. The maximum amount per transaction is 100,000 baht. Transactions must be verified by entering the one-time password (OTP) sent by the bank via SMS for each transaction. The advantage of Internet ORFT transfer service is that money transferors can conduct 24-hour transactions from any location with Internet access without having to spend time travelling to bank branches for money transfer, queuing or waiting for bank operating hours. Moreover, money transferors can also schedule future transfers or recurring transfers. It is a safe money transfer method without having to risk carrying cash to banks. Transfer history and details can be viewed.
Precautions in using ORFT money transfer services - Money transferees’ account numbers, names and transfer amounts should be correctly verified before confirming transactions. Conditions regarding the maximum transfer amount per transaction and fees for using various channels should be studied to appropriately and cost-efficiently choose channels, e.g. each ATM ORFT transaction can transfer up to 30,000 baht. If needing to transfer over 30,000 baht, transactions can be done in multiple times (e.g. needing to transfer 60,000 baht can be done in 2 transactions with 35 baht fee per transaction totaling 70 baht). However, daily maximum transfer amount limits differ for individual ATM/debit cards. For Internet Banking transfer service use, account numbers shown in OTP SMS should be verified to ensure it is the account you intend to transfer to before conducting transactions. Anti-virus software should also be regularly updated.
PromptPay
PromptPay is a new option for the public, business and government sectors under the government's National e-Payment Master Plan. It is an online real-time money transfer system developed using 3 basic types of Proxy ID information: Citizen ID number, mobile phone number and e-wallet ID for conducting interbank money transfers or funds transfers. Money transferors' bank accounts will be debited to credit transferees' bank accounts at other banks and money transferees will instantly receive money after successful transactions. The operational approach is to build a Centralized Registration Database for the public to register and link their PromptPay IDs with bank account numbers through various bank channels e.g. branches, ATMs, call centers, Internet banking and mobile banking. When customers conduct money transfer transactions through various bank channels, the system will search for money transferees’ bank account numbers linked to those PromptPay IDs in the central database which they have already registered. Money will then be transferred to the accounts of money transferees at destination banks.
PromptPay is therefore a new option for money transfer/receipt, providing more convenience than traditional money transfer as it can use citizen ID numbers or mobile phone numbers instead of bank account numbers which are easier to remember.
Characteristics
- Real-time online payment
- Capped amount per transaction or per day according to criteria of individual banks providing services not exceeding 2 million baht.
Bulk Payment (SMART)
It is a service for high-volume low-value interbank money transfers where money transferees at other banks will receive money on the transfer date depending on selection of Same Day (DC2) or Next Day (DC3) services such as:
- Salary, wage, pension payments to employee/worker accounts
- Dividend payments to shareholder accounts
- Tax refund payments by the Revenue Department
- Interest payments on various instruments
Bulk Payment Same Day (DC2) is money transfer from a customer account at one bank to a customer account at another bank where the customer will receive money on the same transfer date, providing more convenience without having to wait until the next business day. Transaction types are similar to Bulk Payment Next Day.
Bulk Payment Next Day (DC3) is money transfer from a customer account at one bank to a customer account at another bank where the customer will receive money on the next business day after the transfer date.น
Characteristics
- Batch/Bulk payment transferring orders of multiple transactions in one file
- Maximum amount per transaction not exceeding 2 million baht
BAHTNET
The Bank of Thailand (BOT) has developed the Bank of Thailand Automated High-value Transfer Network (BAHTNET) as financial infrastructure to support high-value money transfers among financial institutions and institutions with deposit accounts at BOT in real-time gross settlement (RTGS) which commenced services since 24 May 1995 with the objectives to mitigate settlement risk between financial institutions having BOT deposit accounts and provide efficient, fast and safe money transfer service for third parties. Before BAHTNET, most interbank payments were conducted by cheque which did not allow money transferees to instantly receive money as the cheques had to go through clearing and settlement process between payor and payee banks first. Money transferees were still exposed to risks due to non-finality of payments which could lead to overall payment system risks.
BAHTNET users can connect to the system via 2 channels:
- Connecting and exchanging messages via the global SWIFT financial messaging network which requires users to send messages in SWIFT standard formats. SWIFT users can develop inhouse systems to directly connect with BOT in a straight-through processing (STP) manner.
- Connecting and exchanging messages via BOT WEB PORTAL in BOT’s Electronic Financial Service (EFS) system using the BAHTNET Service where users sending messages through this channel can follow formats developed by BOT similar to SWIFT standard formats.
However, all service users of every institution, both S.W.I.F.T. members and non-members, will have to install the BAHTNET Service for inquiring about account balance or movement information of deposit accounts or debt instrument accounts. This includes using it to manage queues for transactions sent through the BAHTNET system and for end-of-day report management.
The BAHTNET system provides services every bank working day from 08.30 hrs. to 17.30 hrs. with various service types as follows:
- Funds Transfer – Service users can order money transfers from their deposit accounts at the Bank of Thailand to other service users’ deposit accounts or transfer money between their own accounts at the Bank of Thailand.
- Third Party Funds Transfer – This refers to money transfers per customer’s order for the bank placing the transfer order to transfer money into the account of the beneficiary at another bank. Such money transfers are carried out on a same day basis.
- Inquiry – Service users can use the BAHTNET system to view information related to their deposit accounts at the Bank of Thailand such as account balances, account movements and inquire about data transfer transactions pending processing or already successfully processed.
- Bilateral Communication – Service users can send messages via the BAHTNET system to other service users anytime the system is available.
- Message Broadcast – This would normally be announcement messages from the Bank of Thailand to all service users. If any service user wishes to send a message for all users on the system to know, they can ask the Bank of Thailand to broadcast the message.
- Multilateral Funds Transfer (MFT) – This refers to a process of simultaneous multi-party money transfers that the Bank of Thailand applies for net settlement of service users’ account debit and credit transactions (performing debits and credits simultaneously), such as cheque clearing account settlement and funds transfer account settlement.
Additional information source:
https://www.bot.or.th/Thai/PaymentSystems/PSServices/bahtnet/Pages/default.aspx
Switch-to-Switch Model
This is a cross-border payment connectivity approach driven by policy through support from central banks of both countries to benefit the public, gaining efficient and low-cost services, and for service providers to meet diverse customer needs, increasing business opportunities.
Sponsor Bank Model
This is a cross-border payment connectivity approach driven by business, with a bank serving as the connectivity service provider with a bank or payment service provider overseas.
SWIFT
This refers to wire transfer services via banks that are members of the system with SWIFT Codes, which are codes used to identify banks and their branches worldwide (Bank Identifier Codes) for interbank money transfers, especially cross border, for convenient and fast transactions. The codes under this standard are often called BIC codes or SWIFT codes. Banks provide services for overseas money transfers via Mobile Banking, Internet Banking – transactions are easy, convenient, safe, and importantly, customers don’t need to visit Bank of Thailand branches. The Bank of Thailand specifies maximum transfer limits out of Thailand, depending on money sources and/or transfer objectives, including supporting documents, such as payment for goods and services with invoice documentation, for example.น
PromptBiz
PromptBiz stands for Smart Financial Infrastructure and Payment for Business. It is a payment and trade infrastructure for the business sector to support domestic payments and trade transactions, interlinking various data in alignment with international standards. This enables innovation and increases business access to funding sources.
National Digital ID (NDID)
The National Digital ID (NDID) Platform is under the control of National Digital ID Co., Ltd. (NDID), a joint venture company between Thai commercial banks, securities companies, asset management companies, life insurance companies, non-life insurance companies, electronic payment service providers, the Stock Exchange of Thailand, and Thailand Post. Each company is under supervision, so we can be confident that the supervising agencies and those companies must comply with relevant laws and regulations regarding data security.
The NDID Platform is a central platform used as infrastructure for digital identity verification and authentication to interconnect government and private sector agencies. It is a central system for managing Digital IDs to support electronic transaction processes for individuals and juristic persons, such as digital identity verification and authentication (e-KYC), digital signature (e-Signature), and electronic consent for data disclosure (e-Consent). This helps standardize and enhance the reliability of various transactions, as well as create a Data Sharing system by connecting data from different agencies. However, such Data Sharing must obtain prior consent from the data owners before the data can be connected.
The platform is designed based on the principles of Data Security and Privacy by Design. It offers high security through data encryption for sending and receiving, and the system does not centrally store data. The data remains with the agencies that manage the data and provide customer service. The system is designed under the Decentralized concept using Blockchain technology. n
Key components of the NDID Platform are:
- RP (Relying Party)
Agencies that directly provide services to customers and require an identity verification system, providing services to customers through both Face to Face and Non Face to Face channels. These are agencies that want to adopt new service formats to acquire more new customers, as well as help reduce service costs. - IdP (Identity Provider)
Agencies responsible for verifying and authenticating the identity of service applicants. They must comply with the regulations of the Bank of Thailand and the Electronic Transactions Development Agency (ETDA). They can issue credentials used for identity verification such as Mobile Banking. These agencies include banks and telecommunications companies. - AS (Authoritative Source)
Agencies that have reliable personal information of service applicants, such as banks, the National Credit Bureau (NCB), and government agencies.
Benefits
- Reduces the complexity and resource intensity involved in identity verification and authentication, whether in terms of time or labor.
- Provides convenience for service recipients to conveniently, quickly, and efficiently conduct various transactions without needing multiple IDs.
- Upgrades Thailand's transaction security to international standards. Transactions verified and authenticated through this platform offer higher security than those using copies of national ID cards.
The NDID Platform does not centrally store data. Personal data remains stored at the RP, IdP and AS. Therefore, the NDID does not see transaction data. It only stores timestamp data on the Blockchain indicating that a member has requested identity verification and authentication from the IdP and AS, and data has been sent back to the RP. For data sent from the AS back to the RP, it is transmitted outside the NDID Platform but uses standards designed by NDID. Hence, we can be assured that the NDID does not see any customer data.