Bangkok--22 Jul--Siam Commercial Bank
PTT has named Siam Commercial Bank as its liquidity management solutions and integrated online payment systems provider under the "PTT Cash Easy 1.0" system. The deal marks the transformation of traditional cash management, using innovative digital technology to create a fully automated system featuring enhanced payment standards to improve the efficiency of business operations while reducing operational errors. The new technology will help SCB's infrastructure support the aim of being an in-house bank for PTT.
Speaking about the deal, PTT Chief Financial Officer Mr. Wirat Uanarumit said that, "As Thailand's leading energy company, PTT is committed to developing its operational processes to align with international standards in order to achieve its vision of being Thailand's premier multinational energy company. The finance group is regarded as the company's key supporting unit, and is constantly developing its operations by upgrading financial and accounting systems in line with world class finance standards. In an attempt to reach its targets, PTT plans to select an in-house bank by 2020, and has established a PTT Regional Treasury Center in Singapore to handle the Group's revenue management, mainly in foreign currencies, and improve liquidity management. To enable the Center to accomplish these tasks, PTT is collaborating with SCB to design effective financial innovations, "PTT Cash Easy 1.0" system, in order to replace traditional operational procedures with a completely automated system to minimize errors, delays, and redundant operational processes. Payment system standards for both domestic and international transactions will be strengthened, and the company's infrastructure expanded to support a shared service center and in-house bank model.”
Remarking on this major deal, Siam Commercial Bank Global Transaction Services Division First Executive Vice President Mr. Pipat Assamongkol said that, "SCB is committed to creating financial products matching customer requirements, placing a priority on deploying advanced technology to develop financial solutions meeting specific customer demands. On this occasion, the Bank is very delighted and honored to be entrusted by PTT to help manage its liquidity under the "PTT Cash Easy 1.0" system. The bank has designed cash and liquidity management solutions that truly align with PTT business operations, from domestic and international payment to liquidity management, all performed through the Bank's online system. These financial liquidity management solutions will help reduce complicated processes and delays due to manual transfers. The solutions are also designed to comply with PTT Corporate Finance and Accounting Function (PTT CFA) internal controls. This automated liquidity management service will help minimize errors, while increasing payment standards for increased accuracy and speed, enhancing PTT's day-to-day business efficiency. The Bank is proud play a role in PTT's infrastructure improvement. These completely new cash and liquidity management solutions are expected to also help lower expenses and enhance efficiency for customers, and will be regarded as Thailand's first online liquidity management prototype.”
"PTT Cash Easy 1.0" system designed for PTT feature SCB Multibank Pooling service to manage incoming cash received through other banks in addition to SCB. With the aim of maximizing benefits from this daily cash inflow, SCB Multibank Pooling is capable of streamlining cash from all PTT accounts with all banks via online SCB Business Net service by advising available balances and amounts to transfer to users. Once the system has received transfer confirmation according to conditions agreed with the bank, the system will transfer money from all accounts to an account designated by PTT as the main account for liquidity management. The service will not only help reduce the redundancy and delay of traditional manual processes, but also comply with PTT CFA internal control standards.
To increase the efficiency of PTT domestic payments, SCB, as payment agent, has switched operational procedures to a complete end-to-end automated system using advanced host-to-host (H2H) technology to link data transmissions from system to system in the most secure and error-free environment. With this new technology, all payments by transfer or cheque issuance meeting predetermined conditions set forth by PTT CFA can be made right away. The system will automatically issue payment advice through all channels. With the strength of SCB's coverage in Bangkok and provincial areas, payment by cheque, including urgent cheque issuance, will be even more efficient. SCB also helps with electronic document arrangement and storage, while sending data for daily creditor reconciliation, which has been available since June.