PromptBIZ starts The Game Changer service of the business sector.

After the Bank of Thailand (BoT) announced "PromptBiz" financial infrastructure and digital central payment system for the Thai business sector. Available from 29 Aug 2023

Krung Thai Bank announced that it is ready to provide "PromptBIZ" service through the digital platform Krungthai BUSINESS. Siam Commercial Bank announced that it will begin providing the service in the second quarter of 2024.

The PromptBiz system is a system that connects business information. From invoice information, payments, issuing receipts that is safe and in line with international standards, with benefits that the business sector will receive Increase business efficiency Both convenient and fast Easy to check transactions Reduce risks and errors and reduce operating costs. In addition, SMEs can use information in the system to apply for business loans. This will increase the opportunity to access more funding sources. Learn more details at https://www.bot.or.th/th/financial-innovation/digital-finance/digital-payment/promptbiz.html#accordion-999fda744b-item-31a58d1d03

Mr. Phayong Sriwanich, President Krung Thai Bank revealed that Krung Thai Bank joins with BoT Bank. Financial institutions, partners and related agencies have developed PromptBIZ as a central financial and payment infrastructure for businesses that will support trade transactions and digital payments that can be fully integrated across banks. This is in line with the strategic plan of the Thai Bankers Association and the direction of the development of the payment system under the new landscape of the Thai financial sector (Payment Directional Paper) in the 3-year period (2022-2024) of the BoT, which has been open for service since 29 August. 2023

The PromptBIZ system will be The Game Changer for the business sector, supporting trade transactions with a fully integrated digital system. by linking trade and payment information From invoice information to billing, payments, and issuing receipts that is secure in line with international standards, which has the Digital Trade and Payment service, a service for sending and receiving trade documents in electronic form such as e-Invoice and e-Receipt, and such trade information can be used for payment through money transfer services Both within and between banks (Bulk Payment) and also extend the use of data to other related transactions, such as granting business loans through the Digital Supplychain Finance service that is used to support loans to SME businesses. SMEs can use trade transaction data. On verified PromptBIZ systems And there is protection against the use of information to apply for repeated loans (Double Financing) to be used in applying for Invoice Factoring/Financing loans. This will increase the opportunity to access more credit. and more convenient and faster It is considered an important mechanism for driving economic activity to keep pace with the ever-changing digital world. and increasing the competitive potential of the Thai business sector

Krungthai Bank is ready to provide PromptBIZ services via the Krungthai BUSINESS digital platform to help business operators, both public and private sectors. Manage all trade documents to meet business needs in one place. by replacing traditional paper trade documents with fully digital trade documents From billing, receiving billing, verifying accuracy and paying through the platform. along with electronic tax invoices and electronic receipts Covering deduction and remittance of withholding tax automatically without having to issue 50 bis to partners which provides billing and billing services for intra-bank and cross-bank partners In addition, business partners In particular, SME entrepreneurs in the ecosystem can also conveniently access funding through the invoice financing service.

Currently, the bank has piloted the PromptBIZ service with the Digital Government Development Agency. (Public Organization) or DGA and partner companies such as Site Preparation Management Company Limited, which will help partners reduce the process of sending documents, reduce errors, and reduce paper use. Reduce operating costs As a result, the business sector Especially small and medium-sized businesses can grow sustainably. The bank plans to continuously expand services to both government and private agencies.

Source: Thai News Agency