Deutsche Loops Thai Corporates Into Instant Payments

Customers at Deutsche Bank‘s Bangkok branch will soon have access to electronic payments via the bank’s PromptPay service, according to reports.

In Thailand, users will be able to access the government-sponsored service, which will aim to support inclusion for those left out of the financial process.

The first phase of the project will entail instant collections services for clients, and the second phase, to be introduced later this year, will allow instant payments throughout the country.

PromptPay is operated by Thailand-based payments service provider National ITMX. Deutsche Bank achieves PromptPay by combining instant payments with API technology in order to create “interactive” experiences.

PromptPay is the third such service rolled out in the region, following the release of FAST in Singapore and then DuitNow in Malaysia.

Burkhard Ziegenhorn, head of ASEAN for the Corporate Bank at Deutsche Bank, said the hope with PromptPay is to eliminate the use of checks and outdated modes of payment, instead favoring modern solutions that have been especially useful for customers during the coronavirus pandemic in which people find it more prudent to use contactless electronic methods.

The highly-contagious virus could be considered a “black swan” event in which the move to mostly electronic contactless payments is accelerated due to the massive shock to the normal ways of operating. More businesses may start using automated payment methods instead of relying on any hand-touching.

In addition, Deutsche Bank has also made headlines for its work in Sri Lanka helping with a new digital foreign exchange program.

That program is intended to keep the bank in line with modernity from other entities, which are beginning more and more to use local currency conversions when operating on cross-border deals.

In Asia, many suppliers now want to use the currencies of their own countries to settle payments, rather than having to use U.S. dollars. Deustche Bank, as such, is aiming to keep payments as fast as possible.