Digital Trade and Payment
Digital Trade and Payment (DTP) is a service under the Smart Financial and Payment Infrastructure for Business (PromptBiz) project. The service supports the exchange of electronic invoices, payment information, including the electronic receipts between buyers and sellers.
What is PromptBiz?
PrompBiz is a financial and payment infrastructure for businesses that supports the digitization of business processes. It connects commercial, payment, and tax data throughout the process by connecting the business sector, financial sector, and government sector. The interconnected data serves various applications. It is also built to support a diverse range of business platforms and services (interoperability) and can be improved into new services and innovations that will elevate the competitive advantage of Thailand.
Service Features of the Digital Trade and Payment
Digital Trade and Payment includes two essential services for businesses:
- Electronic Invoice Presentment
- Exchange e-Receipt/e-Tax invoice vs e-payment
Qualifications of the applicant
1) The applicant must be a commercial bank licensed to conduct commercial banking under the Financial Institutions Business Act B.E. 2551 (2008), Or
2) A bank established under specific legislation.
3) The applicant must become a member under the terms, conditions, and through the process given.
of Service
Benefits
Nowadays, business transactions are on paper which bears excessive costs and issues. For instance, the cost of storage/delivery, risk of loss, and time-consuming process due to a lack of commercial data for reconciliation. PromtBiz is designed to respond to businesses’ demand for assistance in online commerce, digital payments, and complete relevant data. The benefits for businesses and banking sector are as the following.
Benefits on businesses sector: Increase competitive advantage
- Increase efficiency: Encourage Straight-Through processing of commercial transactions and payments, linking banks and businesses platforms together. The process includes invoicing, a wide range of payment options, efficient and effective payment information and request validation, and a linking of e-Tax Invoices and e-Receipt.
- Reduce operation cost: For example, payment information allows for a faster reconciliation, reducing the use of paper and encouraging digital business.
- Take advantage of credible data: Create businesses’ digital footprint to build the credibility of commercial transaction data, allowing more access to funding sources, particularly for SMEs.
Benefits on banking sector
- Widen the range of services such as sending and receiving invoices, exchanging of electronic documents, and supporting payment information transmission for reconciliation.
- Take advantage of credible data: Improve and develop services.
