Challenges
The Bank of Thailand envisioned Thailand’s move to a digital economy following real-time payments trends globally. The scheme will enable strong economic growth and efficiency within the payment ecosystems, while strengthening transparency and compliance.
The challenge is to establish the new standards that will support consumers, businesses, and government to gain the most benefits from the real-time payment initiative in a secure manner.
Our Solution
PromptPay ISO8583 and ISO20022 – Stream works with our UK-based Technology partner to provide consultancy to the PromptPay Real-time payments scheme at National ITMX Co., Ltd. since its conception in Thailand. We oversee and coordinate the project management, business analysis, development, testing and industry-wide rollout of the PromptPay scheme.
We test and install Payment HSMs for PromptPay to ensure maximum payment security and integrity, and support the rapid expansion of the payment scheme.
The scheme provides digital payments capabilities for Thai consumers, merchants, billers, and businesses; and has gained strong adoption through the Covid-19 period. Thailand is now the country with the highest real-time payment adoption per capita, spurring Thailand’s digital economy and economic growth.
Key Achievements
Stream is proud to be a part of this important Real-time Payments initiative of the Bank of Thailand and the Thai Bankers’ Association with enhanced security provided by Payment HSMs.
