SCB introduces end-to-end tracking innovation
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’s head of commercial banking solutions, Pimolpa Suntichok, said in a Thursday press release that 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, according to the press release. The bank has currently pioneered the new end-to-end tracking service for outward remittances from Thailand to overseas destinations and is planning 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 40 banks are now participating, as every financial institution realises that global trade is interconnected,” said Pimolpa.
“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.