Siam Commercial Bank Chooses CheckFree

Tuesday 5 April 2005 14:17 CET | News

Siam Commercial Bank (SCB) has selected CheckFree i-Series to deliver Thailand’s first bank-hosted, business-to-business electronic invoicing and payment (EIP) service based on an industry-leading electronic invoicing solution.

A high profile project within the country, SCB is the first bank in the country to offer an e-billing service that is specifically focused on the business community, starting with the bank’s own corporate customers The service sits at the core of SCB’s business strategy to increase its competitive edge, enhance customer satisfaction, attract new customers and accommodate the demands of its top-tier customers that want to switch to Internet-based invoicing. When SCB decided to replace its in-house built e-invoicing system last year, the bank undertook an extensive evaluation process to choose a supplier that could provide global support and has a track record of developing complex, business-to-business EIP sites. CheckFree was selected on the basis of its international reputation, the flexibility of the CheckFree i-Series software and the financial strength of the Company. One of the drivers in SCB’s decision to launch a business-based service was the growing demand for the type of support tools that only electronically-based billing services can provide. These include single Internet-banking sign-on, multiple file format downloads, invoice queries and dispute handling, flexible payment options, data analysis, customised reporting, account hierarchies, split billing and further payment functionality to support cash management and customer account management processes. In fact, a key attraction of CheckFree i-Series was the advanced features of its Payment Warehouse, a data repository that provides the bank or invoicers with a consolidated record of customer payments, including the type of payment (one time, recurrent, split payment), the payment instrument (direct debit, credit card, etc.) and whether many payments were made from a single account, single payments came from multiple accounts, and so on. SCB’s new e-invoicing service is expected to go live in April 2005. The first wave of billers to sign up for the service includes a large construction company, automobile manufacturer and telecommunications provider. Ultimately SCB is focusing on the invoice servicing needs of the top 100 corporates in Thailand. The next step is to invite the bank’s own 5000 corporate Internet banking customers to view and pay their invoices online, and then to expand outwards to sign on new corporate subscribers. SCB also plans to extend the service to its own consumer-based (B2C) customers at a future date.

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Categories: Payments & Commerce | Payments General
Countries: World
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