Lao, Thai banks extend cross-border ATM services
Phongsavanh Bank and Bangkok Bank have signed and launched a cross border ATM link project with the Processing Center Company Limited.
The agreement was inked after Phongsavanh Bank was given approval by the Bank of the Lao PDR in November to implement the cross border ATM link between Phongsavanh and Bangkok banks.
Phongsavanh Bank acts as an issuer, Bangkok Bank serves as an acquirer and PCC is the transaction switching provider.
In the first phase of the project, Phongsavanh Bank ATM cards can be used at Bangkok Bank’s ATMs for two transaction functions – cash withdrawal and balance enquiry. The second phase will allow Bangkok Bank ATM cards to be used at Phongsavanh Bank’s ATM machines.
The project will be of tremendous benefit to customers crossing the border for trade, and to those studying or working in Thailand, as they will be able to withdraw cash from any Bangkok Bank ATM for their daily expenses during their stay there.
Furthermore, the venture will help realise the project on “Lao Kip Banknote Sale along the border with Bangkok Bank” and to lay the foundations for future cooperation between the two banks.
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