Krungsri (Bank of Ayudhya PCL) and PT Bank Danamon Indonesia, Tbk (Danamon), a major commercial bank in the Republic of Indonesia, jointly launch a real-time International transfer. The service serves as a booster for trade and direct investments between Indonesia and Thailand as well as connects customers' needs across ASEAN with limitless solutions on the digital platform.
Ms. Yingluk Kongkasai, Krungsri Head of Transaction Banking Group, said "The collaboration between Krungsri and Danamon, both being members of MUFG network, marks another synergized capability to serve as a springboard for our customers across ASEAN in alignment with our medium-term business plan (MTBP). Leveraging our direct network integration via Application Programming Interface (API) technology between two banks, we achieved an enhanced flexibility and convenience of business transactions between Thailand and Indonesia. The solution therefore expands business opportunities for our customers and elevates end users' experience as well as reinforces Krungsri's position as one of the digital and innovative financial institutions with advanced solutions for all customers' needs."
"API connection between two banks eliminates the barrier of limited service hours. With Krungsri- Danamon synergy, our customers will receive real-time fund transfer and will benefit from the freedom of cross-border fund transfer at any time, 24/7 in the next phase. This solution enhances convenience and cost-effectiveness for both retail and commercial customers. In the first phase, the service coverage will be for inward remittance from Indonesia to Krungsri accounts while the coverage of next phase will expand to outward remittance from Thailand to Indonesia"
Mr. Andrew Suhandinata, Bank Danamon Head of Transaction Banking, said "As members of MUFG network, we strongly believe that connecting and synergizing between partner banks will bring MUFG Group into a stronger position in Southeast Asia region. Digitalization will be our main out of many other initiatives to provide faster cross-border payment between Danamon and Krungsri. Through API for remittance services, we are able to provide a faster, better & cheaper payment capability between Partner Banks which will also improve customer experience and transaction volumes between Indonesia & Thailand."
The collaboration is a part of MUFG's the peer-to-peer (P2P) settlement network. Krungsri leverages the strength of MUFG and its network, which boosts the synergy between Krungsri and Danamon to mutually deliver superior financial solution to customers. Krungsri is well prepared for future collaborative projects with members of MUFG in the future.
Mr. Nobuya Kawasaki, Executive Officer & Managing Director, Head of Global Commercial Banking Planning Division, MUFG Bank, said "I believe the efforts to create this network and provide its services are critically meaningful for MUFG, as the Asia business is one of the growth strategies in our medium-term business plan (MTBP) and we aim to roll out strategies and initiatives that capture the high-growth ASEAN region as a whole. MUFG also pledges full support for both banks' efforts to further enhance the network's functions, so that even more customers will use this highly convenient and flexible remittance service. MUFG's actions will go beyond this initiative; we will provide new value by leveraging the functions of our partner banks, including Krungsri and Danamon, and make continued efforts to achieve our purpose, "Committed to empowering a brighter future."
Previously, Krungsri succeeded in providing advanced support on the bilateral trade between Thailand and Cambodia through direct integration of bank networks via API between Krungsri and Hattha Bank Plc., the major commercial bank in Cambodia.