Bangkok Bank launches #Online Money Transfer for Corporate service to pay benefits to Ocean Life Insurances customers nationwide

Stocks and Financial Services Press Releases Monday March 26, 2018 11:27
Bangkok--26 Mar--Bangkok Bank

Bangkok Bank, in collaboration with Ocean Life Insurance, launched 'Online Money Transfer for Corporate,' a new service to provide Ocean Life Insurance's customers fast and convenient ways to receive insurance payouts without needing to have bank accounts. The service is available every day with a maximum funds transfer of 200,000 baht per transaction.

Bangkok Bank Senior Executive Vice President Virasak Sutanthavibul said: "Bangkok Bank has launched 'Online Money Transfer for Corporate', a new service to allow businesses or juristic persons (transferor) to transfer funds to individual recipients in a fast and convenient way. The recipient does not need to have a Bangkok Bank saving account and can receive cash with no service charge by presenting their Citizen ID card and reference number at any one of more than 1,000 bank branches nationwide."

Bangkok Bank was recently assigned by Ocean Life Insurance to use the system for fund transfers to Ocean Life Insurance policyholders. The system will allow the company to pay for claims, dividends, benefits and insurance policy loans faster and more conveniently to their policy holders. They can receive the cash at any Bangkok Bank branch nationwide.

This service will shorten the payment process, so policyholders can receive money faster. For example, a life insurance policy holder making a claim only needs to submit a request and documents through the company's regular channels. Once the company grants its approval, an online funds transfer transaction will be sent to the bank. The bank will then advise the policy holder of the reference number which they can present together with their Citizen ID card to get cash from any Bangkok Bank branch.

Mr. Virasak added that the service is well suited to businesses or juristic persons looking for a convenient way to make payments to clients or business partners across the nation. It is also convenient for Ocean Life Insurance which has many policyholders nationwide. The service accommodates transfers of up to 200,000 baht per transaction which can be performed quickly as the company can send transactions to the bank every day from 8:00a.m. to 8:00p.m. and clients can receive cash promptly at any Bangkok Bank branch during working hours, including those open on weekends, without the need to have a Bangkok Bank account.

Mrs. Nusara (Assakul) Banyatpiyaphod, President of Ocean Life Insurance Co., Ltd. said: "Ocean Life Insurance is the first insurance company that provides the 'Online Money Transfer for Corporate' service to more than one million policyholders throughout the country. The company decided to jointly develop this service with Bangkok Bank as we recognized the bank's potential as its nationwide branch network is perfect for making transactions in the digital age which requires fast and convenient services."

Policy holders can get a reference number to receive benefit payments (Maturity Benefit, Suvival Benefit) at Ocean Life Insurance's Customer Service Center at its head office located on the ground floor of Ocean Tower 1, and at any of its 171 branches nationwide. They can then present their reference number together with their Citizen ID card to get benefit payments at any Bangkok Bank branch, including those open on weekends, free-of-charge without needing to have a bank account. The maximum benefit payment is 200,000 baht and the service take effect from March 20, 2018. For more information, please contact the company's call center at Tel. 02-207-88888 every day from 8:00a.m. to 5:00p.m.

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