SINGAPORE and BANGKOK, June 26, 2012 /PRNewswire-Asia/ -- CyberSource, a Visa company (NYSE Code: V), has announced that Bank of Ayudhya, Thailand's fifth largest bank, will deploy its payment and fraud-management solutions to provide secure online and mobile transactions for the bank's merchant customers.
The announcement heralds CyberSource's entry into the Thai market and builds on the company's rapid expansion in the Asia-Pacific region, with customers such as Australia's Flight Centre, and China's 99Bill and AliPay.
"This partnership highlights the growth we are seeing in eCommerce in Thailand and across Asia. We're delighted to be working with Bank of Ayudhya and look forward to growing together," said Michael Bradley, Asia-Pacific Managing Director of CyberSource. "With CyberSource Decision Manager, Bank of Ayudhya's merchant customers will be able to simply handle transactions online, knowing that the process is absolutely secure."
The agreement will see Bank of Ayudhya create a platform linking merchants to a global network, accelerating its own B2B banking services, while giving merchants a global and secure online channel to grow their businesses, both domestically and internationally.
Phillip Tan, head of consumer finance at Bank of Ayudhya, said: "Our agreement with CyberSource demonstrates our commitment to best practice, protecting customers and merchants in an area of business that is rapidly growing. It also dovetails nicely with our mission to 'make life simple' for customers and merchants, because a fast, secure and convenient system for processing online payments does just that."
The announcement comes at a time when eCommerce is growing rapidly across the region. According to the Thai eCommerce Association, increasing numbers of internet users are expected to expand the local eCommerce market by 30 percent in 2012, up from an average of 15-20 percent in previous years.
Khun Somboon Krobteeranon, Country Manager for Visa in Thailand, said: "This is yet another example of how Visa is adding to the growth and integrity of Thailand's booming e-commerce industry. Security remains a top priority for Thailand's merchants and consumers - this service provides the reassurance and confidence they both need to safely and securely transact online.
CyberSource is one of the world's largest providers of secure eCommerce payment management services, and was acquired by Visa in 2011. CyberSource's fraud-management system, Decision Manager, and associated eCommerce payment services will augment Bank of Ayudhya's in-house systems, enabling the bank to provide safe eCommerce payment services to its merchant customers. This agreement demonstrates the bank's continued readiness to implement best practice in all areas of its business, mitigating risk wherever possible and ensuring the security of transactions for merchants and their customers.
For more information on CyberSource products visit www.cybersource.com/asiapacific.
About CyberSource
CyberSource Corporation, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 370,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security.
The company is headquartered in San Francisco and maintains offices throughout the world, with regional headquarters in Singapore (Asia Pacific); Tokyo (Japan), Miami/Sao Paulo (Latin America and the Caribbean), and Reading, U.K. (Europe/Middle East/Africa).
CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com/asiapacific.
About Bank of Ayudhya
Bank of Ayudhya Public Company Limited (BAY) or "Krungsri Group" is the fifth-largest commercial bank in Thailand, with 67 years of history in the country. The Bank provides a comprehensive range of banking, consumer finance, investment, asset management and other financial products and services to individual consumers, SMEs and large corporations through its 600 branches and around 13,000 service outlets nationwide.
Through its Krungsri subsidiaries, the Bank is the largest credit card issuer in Thailand with 5.3 million cards in its portfolio, a major automobile financing service provider (Krungsri Auto), the fastest growing asset management company (Krungsri Asset Management), and a pioneer in microfinance through CFG Services.
On January 3, 2007, the Ratanarak Group and GE Capital became strategic partners. GE Capital and the Ratanarak Group are now major shareholders with a 33% and a 25% stake in BAY, respectively.
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