Digital Supplychain Finance
Central system security for data exchange and storage
Data security
- Connected via MPLS link, which is a data pipeline for sending data between the bank and SFPI@ITMX in a private link, in which the data is encrypted while being sent through the pipe.
- The data is stored at SFPI@ITMX, and access is restricted to the bank that holds the authority. Even ITMX administrators are unable to read the data without authorization.
- The database disk is encrypted
What is PromptBiz?
PrompBiz is a financial and payment infrastructure of 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.
PromptBiz - Digital Supplychain Finance service is a facility to help SMEs with convenient and easy access to funding,
- Where buyers can submit documents to the system
- The system will then verify the information, prevent duplicate finance submission, and update document status
- SME sellers can choose preferred financial institutions to submit loan applications to
Main features of the Digital Supplychain Finance
Digital Supplychain Finance consists of two main service features: Commerce and Payment which will interlink all listed data, and Loan or Digital Supplychain Finance which is a financing service for businesses driven by data from Commerce and Payment.
Financial Institutions
Qualifications of the applicant
- Must be either a commercial bank licensed to conduct commercial banking under the Financial Institutions Business Act B.E. 2551 (2008), or a bank established under specific legislation.
Revocation of Membership
The bank's license to operate commercial banking under the Financial Institutions Business Act B.E. 2551 (2008) has been revoked, or the bank has been disqualified as a bank established under specific legislation.
Bank customers
- Bank customers can register to use Digital Supplychain Finance with the member bank serviced by National ITMX. For more information, customers can contact the bank of service directly.
of Service
Benefits
Sponsor Bank
Sponsor banks have a high chance to become Payment Banks as the system implementation includes a link to buyers. Buyers send commercial data through sponsor banks, allowing more opportunities for cash management services – payment. Sponsor banks will benefit from fees, float, cross-selling products, etc.,
- Sponsor banks are likely to also be Financing banks. With sponsor banks bringing buyers into the system, they receive an early look at sellers/suppliers and the ability to consider finances first.
Financing Bank
- Financing Bank can benefit from available data and features which will be implemented according to blueprints to improve risk management and credit analysis of sellers/suppliers, both in terms of effectiveness and efficiency.
Buyers
- Buyers' supplychain an be strengthened by improving the liquidity of sellers/suppliers, the effect of which is providing buyers with a reliable source of materials.
- Buyers can also benefit from Digital Supplychain Finance by managing Account Payable with Supplier Credit Terms, leading to improved liquidity for buyers themselves.
Sellers/Suppliers
- will gain easier access to financing from choices of banks (Member financing Banks of Digital Supplychain Finance)
- Sellers/Suppliers --Many SMEs have no access to financing due to the lack of collateral SMEs can use their invoice on the system through buyers to help Financing Banks’ credit analysis under a reasonable term.
