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Thai banks use block for contracts

More than a dozen of the largest banks in Thailand have announced the launch of a joint broker-platform for financial documents. The use of technology will allow reducing the time of registration and processing of payments of its customers (guarantee letters for payment). According to Nikkei, now it takes up to three days to register and conduct documents, the process will take half an hour with the blocking process.

The process included the “Big Four”: these are the largest banks of the country Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Kasikornbank. It is planned that the system will work in September 2018 after it is tested and tested by the financial regulators of Thailand.

It is noted that in 2017 the local banking system issued about 500 thousand letters of guarantee for an amount equivalent to $ 43 billion.

Bank Kasikornbank has been testing the block since last summer. The pilot project was launched by the financial institution jointly with IBM in July.

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