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CARDS & PAYMENTS, CUSTODY & CLEARING, FINANCIAL TECHNOLOGY | Cesar Tordesillas, Thailand
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Krung Thai Bank launches E-Cheque service

Krung Thai Bank has developed electronic money transfer innovation for payment of goods. 

Instead of paying by cheque, customers can make payment on-line in unlimited amount. Sellers will get paid quicker, no need to wait for cheque clearing with the KTB E- Cheque service. Clients are able to choose between cash payment or money transfer to credit accounts held at any bank.

According to Dr. Anuchit Anuchitanukul, Senior Executive Vice President, Managing Director, Products and Market Management Group, Krung Thai Bank PCL, the transfer function was designed to work like cheque payment system. Customers can transfer money through designated code to any of the receiver's bank account unlimited amount of money. The Bank will issue withholding Tax Certificate as an evidence of payment.

This service also responds well to E-customers' need. It helps reduce risk from not getting goods purchased while money is already transferred or not being paid while goods have been delivered. In making payment by KTB E-Cheque service, customers must have sufficient money in the account to be debited, and if it is not the case when the due date is drawing near, alert system will warn them to deposit money through e-mail or SMS. If customers want to cancel or postpone such transfer the transferred money will be promptly credited to transferor's account.

As for sellers, they will be informed to check whether money is already transferred to their account or not before sending products. After delivery of goods on due date, they will receive the release code via the Bank's channel, such as, SMS or e-mail to get paid. Customers are able to choose between cash payment through ATM or instant automatic transfer to account with any bank. In case of customers not having any commercial bank account wishing for cash payment, they can withdraw money up to 50,000 baht each time at the Bank's branches.

Dr. Anuchit Anuchitanukul further says that The Bank has set the target to expand its customer base to cover government officials.

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