PromptPay system upgrade boosts its capacity for transactions by 143%
Thailand’s free interbank transaction system to promote a cashless society was recently updated and can now deal with 143% more transactions, the system’s chief said.
Wanna Noparbhorn, managing director of the National Interbank Transaction Management and Exchange (National ITMX), said recently that since the system began using Oracle Exadata, PromptPay’s capacity was boosted in both speed and security.
The system was upgraded in the first quarter of this year.
The Bank of Thailand set up National ITMX to facilitate interbank transactions via PromptPay in 2016 after people complained of high transaction fees.
The PromptPay system allows people to use their bank’s mobile application to transfer money or pay for goods and services by simply entering the recipient’s mobile phone number or ID card number.
Some 26 banks and financial institutions are part of the National ITMX system.
Wanna said PromptPay transactions had risen 11-fold over the past few years, so a faster, more secure IT infrastructure was required to support further increases in the future.
To prepare for this, she said, the National ITMX began searching for a global standard IT system that could handle a massive number of transactions and decided that the Oracle Exadata was most suitable.
With the Oracle Exadata, the platform can deal with 143% more transactions per second, she said.
The Oracle Exadata was created to tackle large-scale, mission-critical Oracle Database workloads. Essentially, it is a pre-configured, pre-tested system that combines hardware and software specifically optimized for running Oracle databases.
It boasts extremely fast data processing speed thanks to its use of solid-state drives (SSDs) and specialised hardware for database operations.
It can handle complex queries and transactions much faster than traditional database systems.
The system also uses 45% less of the virtual central processing unit resources, Wanna added.
She said the system has machine learning capabilities that help the National ITMX improve its transaction services.
With its scalability, the Oracle Exadata platform can be easily expanded to support a newer version of PromptPay that the National ITMX is developing and it should be ready to use in the next two to three years, she said.
