National ITMX modernizes real-time payments bulk processing for Thailand banks; addresses ISO 20022 compliance
ACI Worldwide, a leading global provider of real-time digital payment software and solutions, announced that Thailand’s National Interbank Transaction Management and Exchange (ITMX) has successfully implemented ACI’s real-time payments solution to modernize Thailand’s bulk payments processing system and support continued real-time growth.
National ITMX modernizes #realtimepayments bulk processing for Thailand banks and addresses ISO 20022 compliance with @ACI_Worldwide
ACI High Value and Low Value Real-Time Payments promises to further drive growth with ISO 20022-compliant bulk processing, enhancing the existing real-time payments infrastructure and enabling new use cases such as B2B payments. ISO 20022 is seen as a key enabler for the development of future payment services, as well as facilitating cross-border linkages between Southeast Asia’s domestic payment networks(ACI Worldwide).
National ITMX, which is co-owned by Thailand’s largest commercial banks and governed by the Central Bank of Thailand (BOT), is responsible for developing and delivering Thailand’s digital payments infrastructure, including card-based, non-card-based and account-to-account payments. ACI’s real-time payments solution has been successfully implemented across all 33 ITMX member banks, bridging ISO 20022 and the existing ISO 8583 standard.
“Thailand has experienced phenomenal year-on-year real-time payments growth of 145 percent since 2016, with consumers embracing the first wave of payments modernization. The next stage of growth, utilizing the PromptPay real-time payments network and ISO 20022 standards, will come from the merchant retail and business-to-business sectors,” said Wanna Noparbhorn, managing director, National ITMX. “ACI implemented our new bulk payments processing system in a tight timeframe to support high throughput and growing volumes, delivering the stability, accuracy and consistency needed to successfully integrate all 33 member banks with the mission-critical processing speeds required.”