eFunds, IBM and Infomax team with ITMX in Thailand

The new [[payment network]] automates [[transaction processing]] across Thailands banking system, eliminating the need for individual [[financial institutions]] to upgrade and maintain their own payments systems while bringing Thailand one step closer to its goal of establishing a cashless society. The new network, set to manage over 1.5 million transactions per day and projected to grow 15 percent annually over the next several years, also streamlines credit and debit card management throughout Thailand, providing real-time and batch [[transaction processing]] for ITMX Member Banks. ITMX was established in late 2005 to provide businesses, individuals and banks with access to electronic payment services, acting as a switching centre for interbank, business to business, business to consumer and consumer to business payment transactions. eFunds, IBM and Infomax teamed to design a payments solution that delivers new and enhanced interbank services while minimizing operational risk for ITMX Member Banks. ITMX selected eFunds enterprise payment platform because of the added value offered by its integrated framework, which helps financial services companies bridge the gap between payments processing and risk management. Built on eFunds Open Enterprise architecture, which can be easily extended to incorporate additional future functionality, the solution provides a customer-centric approach to integrated payments delivery across all consumer channels, while helping control settlement, transactional and account-based risk. The new payment network is powered by eFunds best-in-class application software running on IBM System p servers and WebSphere middleware, all tightly integrated by IBMs Global Technology Services. Infomaxs strong local presence and experience in implementing and supporting the current national ATM interbank platform brings in-depth subject matter expertise and local support capabilities.