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.

Latest Press Release

Fitch Affirms Standard Chartered Bank (Thai) at #A-#; Outlook Stable

Fitch Ratings has affirmed Standard Chartered Bank (Thai) Public Company Limited's (SCBT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Outlook. At the same time, the agency has affirmed SCBT's National...

Photo Release: KBank recognized as having the highest corporate brand value in the banking business category 2nd consecutive year

At Sukree Kaewcharoen Auditorium, the Stock Exchange of Thailand (SET), Ms. Kattiya Indaravijaya, KBank President, recently represented KBank to receive the "Thailand's Top Corporate Brand Values 2018" award in the banking business category from...

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงานในเกาหลี เปิดโอกาสให้แรงงาน 1.5 ล้านคนได้ใช้เงินดิจิทัล

MicroBitcoin Open Source Community เซ็นสัญญากับสมาพันธ์แรงงาน Korea Association of Care Workers (KACW) เพื่อนำสกุลเงินดิจิทัล MicroBitcoin มาใช้ สัญญานี้ลงนามร่วมกันสามฝ่าย ได้แก่ MicroBitcoin Open Source Community, KACW และ Bluequotient...

MicroBitcoin Open Source Community Signs an Exclusive Contract with the Korea Association of Care Workers (KACW) to Expand its Usability to One and a Half Million Users

The MicroBitcoin Open Source Community has signed a contract with Korea Association of Care Workers (KACW) to adapt the MicroBitcoin blockchain network protocol. The trilateral contract was made between the MicroBitcoin Open Source Community, the Korea...

WICE establishes a joint-venture, EUROASIA TOTAL LOGISTICS, with its holding 40% of shares to provide cross-border transport services between China, Hong Kong

WICE establishes a joint-venture, "EUROASIA TOTAL LOGISTICS", with its holding 40% of shares to provide cross-border transport services between China, Hong Kong, and South East Asia with the expectation to achieve the first year's revenue at 200 million...

Related Topics