 |
BANGKOK, July 5, 2017 /PRNewswire/ -- SWIFT announces today that Siam Commercial Bank is the first bank in Thailand to sign up for implementation of its global payments innovation initiative, joining over 70 other leading banks globally. The initiative that opened for live payments in January is the biggest thing that happened to correspondent banking in 30 years as it aims to deliver a new standard for cross-border payments.
Trade is the lifeblood of the Thai economy as exports represent almost 70% of the country's economic output, with computers, integrated circuits, delivery trucks and cars being the top exports. Trade ties with the ASEAN region are particularly strong as the country makes 25% of its exports within ASEAN, and ASEAN financial integration is expected to benefit the country further. As SWIFT gpi aims to enhance the cross-border payments experience for corporate treasurers by offering payments that are faster, more transparent and fully traceable, the service has the potential to support the further development of Thailand's trade economy.
Mr. Pipat Assamongkol, First Executive Vice President, Global Transaction Services Division, Commercial Banking Solutions Function Siam Commercial Bank said: "As our customers are expanding to more international markets, they are looking at performing cross-border payment as efficiently and transparently as possible. With SWIFT gpi, we will be able to provide our customers with transaction status transparency throughout the payment chain and for associated fees. We strongly believe that this will bring tremendous value to Thai corporates."
Sharon Toh, Head of ASEAN, SWIFT said: "we are delighted to have Siam Commercial Bank as the first Thai bank joining gpi. We are confident the initiative will highly benefit corporates in Thailand, especially in the context of ASEAN integration".
About SWIFT
SWIFT is a global member-owned cooperative and the world's leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT's international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT's global office network ensures an active presence in all the major financial centres.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: SWIFT
Contacts:
Xavier Duval
+852-2107-8978
xavier.duval@swift.com
Logo - http://photos.prnasia.com/prnh/20160127/8521600559Logo
