SCB introduces End-to-End Tracking innovation to serve commercial banking clients Unprecedented upgrade of outward remittance status monitoring in Thailand

Stocks and Financial Services Press Releases Thursday January 25, 2018 14:48
Bangkok--25 Jan--Siam Commercial Bank

To consolidate its financial leadership in innovation, Siam Commercial Bank has collaborated with SWIFT Global Payments Innovation (SWIFT gpi) to introduce a world-class End-to-End Tracking innovation featuring an upgraded monitoring system for outward remittance status from source to destination to serve commercial banking clients.

SCB Head of Commercial Banking Solutions Mrs. Pimolpa Suntichok said Thailand's international trade sector has enjoyed continual growth, resulting in increased remittance transaction volumes. To boost the efficiency of sector growth, SCB had formed a partnership with SWIFT gpi to employ an End-to-End Tracking innovation to monitor outward remittance status from source to destination for commercial banking customers, a first in Thailand. This marks a new standard in cross-border payments that can be monitored and checked conveniently and transparently, enhancing confidence in every remittance transaction for trade partners. The bank has currently pioneered the new End-to-End Tracking service for outward remittances from Thailand to overseas destinations and plans to develop the service to cover inward remittances as well.

"Our End-to-End Tracking innovation has drawn the attention of banks around the world. Up to forty banks are now participating, as every financial institution realizes that global trade is interconnected. A service that enables transparent checking of outward remittance status from source to destination will provide trade partners with enhanced confidence in each other and boost trade volume growth," she said.

Commercial banking clients using the remittance service are invited to monitor the status of remittances at any of the forty-seven SCB International Trade Service Centers (ITSC) nationwide free of charge. For additional information, please contact the SCB Call Center at 02-777-7777.

Latest Press Release

SET welcomes restaurant operator Zen Corporation Group on February 20

The Stock Exchange of Thailand (SET) will list Zen Corporation Group pcl – a leading operator of restaurant brands in Thailand – on February 20, under the ticker symbol "ZEN". The company has a market capitalization at its initial public...

Photo Release: EXIM Thailand Holds FX Risk Management Seminar Phase 2 To Promote FX Risk Hedging Tools for SME Exporters in the Northeast

Mr. Chana Boonyachai (center), Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently welcomed Mrs. Thatsanee Tangpattanasiri (right), Director, Northestern Regional Office, Bank of Thailand (BOT), and Mr. Ranon Keowsuddhi...

Frasers Property Thailands Revenue Increased 341% to 2.577 Billion Baht and Net Profit Rose 190% to 684 Million Baht in Q1/2019

Revenue totalled 2.577 billion baht, an increase of 1.993 billion baht or 341% year-on-year, while net profit totalled 684 million baht, a growth of 190% year-on-year. Embarked on a "Total Dimension" strategy to become leading provider of smart...

Photo Release: EXIM Thailand Visits Xayaburi Hydroelectric Power Project

Mr. Nopporn Thepsithar (fifth left), Chairman of the Board of Executive Directors, Export-Import Bank of Thailand (EXIM Thailand) and Dr. Narongchai Akarasanee (center), former Minister of Energy, recently visited Xayaburi Hydroelectric Power Project...

Thailands Promotion of Advanced Technology and Eco-system Development Enables Local Producers to Fly Higher

Thailand has been experiencing a gradual shift from a manufacturing to a high-value manufacturing economy after the country has put all its efforts into promoting the use of advanced technology, science, and innovation in parallel with the development of...

Related Topics