Challenges
Thai banks aim to provide their customers with digital innovation through mobile Banking among other bank channels with the PromptPay Real-time payments scheme. As the next stage, the PromptPay scheme hosted by National ITMX Co., Ltd. will be migrating to the ISO20022 global standards amidst strong consumer and business adoption and heightened needs for highest availability and integrity.
Our Solution
Stream supports PromptPay at a Top 5 Thai banks by enabling real-time payments from various bank channels and ensure the highest transaction availability and integrity.
The PromptPay system covers both the ISO8583 and ISO20022 standards and is used for both domestic and cross-border payments as well as the popular QR payments at merchants. We implement and support the first stage of the project based on the ISO8583 message standards. Thorughout the first phase, we closely monitor the transaction volume growth and ensure availability and scalability of the PromptPay system.
We test and install Payment HSMs for PromptPay to ensure maximum payment security and integrity, and supports the rapid expansion of the payment scheme.
For the next stage of the project, Stream works closely with our clients to define the detailed ISO20022 message specifications, integration, development, and testing approach. Jointly with our client, we carefully create a plan for phased migration per the Bank of Thailand’s Payment Systems Roadmap and the scheme timeline.
Key Achievements
We have successfully launched the ISO20022 standard cross-border Real-time payment scheme for our Client in 2023 with enhanced security provided by Payment HSMs and is on plan to launch the ISO20022 standard CScanB Real-time payment that is highly popular among the Thai consumers and merchants.
We will provide ongoing consulting, implementation, and support through the next phases for the scheme initiative.
