Bangkok--9 May--Bank of Ayudhya
Bank of Ayudhya Public Company Limited unveiled today a new service which allows, for the first time in Thailand, money transfers effected by BAY customers to third parties to be withdrawn immediately at any of the bank’s 2,600 ATMs throughout the country. This innovative service not only eliminates the need for the recipient to have a bank account to receive the transfer, it also removes the need to use an ATM card to withdraw the transfer. This service is the first consumer banking product to be launched since GE’s partnership with BAY and underscores the bank’s long term commitment to improve its customer service and deliver value to its customers. The service will be officially launched on May 10, 2007, along with a television commercial to be broadcasted the following day.
Mr. Roy Gunara, BAY’s Chief Retail Banking Officer said “We are very excited about the launch of this innovative new service, which combines convenience and speed with security and reliability. This service simplifies the money transfer process for both our customers and their recipients.” Mr Gunara commented that the innovation reflects the bank’s vision of becoming a leader in consumer banking within the next three to five years, particularly in regards to product innovation, multi-channel distribution and delivering value-added services to customers.
Mrs. Chancharas Boonkhun, Senior Vice President Retail Business Marketing Department, explained, “The “Cardless ATM” service has been developed with a high level of security to protect the customer’s transaction. When the customer initiates the money transfer, he will receive an SMS from the bank with a special code which he must provide to the intended recipient in order for the transfer to be withdrawn. The customer is thus in sole control of the withdrawal of the transfer as only he is provided with the special code.” She added that the service also allows the customer to track the status of their transfers through 2 SMS sent by the bank at the moment the transfer is initiated and the moment the transfer is withdrawn by the intended recipient. Another security measure to protect the customer’s transaction is that should the transfer not be withdrawn within 3 days, the funds are credited back to his account.
Currently, bank customers can transfer money via two main electronic channels - ATMs and via the internet at www.KrungsriOnline.com . With this new “Cardless ATM” service, customers can simply go to any BAY ATM or logon to www.KrungsriOnline.com and select the “Cardless ATM” function on the menu for a real-time money transfer. They need to enter the mobile phone number of the recipient and the amount to be transferred. Immediately following this, the customer will receive an SMS from the bank, containing a special 6-digit code. The customer can then inform the intended recipient of the code. To withdraw the transfer, the recipient can proceed to any of the bank’s 2,600 ATMs across Thailand, where he needs to enter the code provided to him, the mobile phone number of the sender and the amount transferred.
With this service, money transfers can now be made without the need for the customer to remember the recipient’s bank account details, and the recipient gets immediate access to the transfer without the need to have a bank account nor an ATM card to access the money.
Customers can experience this “Cardless ATM” service at any of the bank’s 2,600 ATMs country-wide and through KrungsriOnline starting from May 10 2007. A 30- second television commercial will be launched on 11 May to promote this service which the bank feels will be popular with its customers. This “Cardless ATM” service together with the bank’s diverse range of products such as mortgages, personal loans and credit cards will be available at the bank’s booth at the Money Expo held at the Plenary Hall, Queen Sirikit Convention Hall from 10th till 13th May 2007. Visitors to the bank’s booth can also look forward to special promotions on the bank’s products and services.
About Bank of Ayudhya Public Company Limited
Bank of Ayudhya Public Company Limited, established on January 27, 1945, is the sixth largest commercial bank in terms of total assets. BAY provides a full range of banking services to both its commercial and individual customers through 560 branches nationwide. On January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners when GE Money took a 25.4% equity stake (fully diluted) in the Bank and plans are underway to leverage the synergies of both BAY and GE Money in helping to achieve BAY’s vision to become a top universal bank in Thailand.
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