eFunds Corporation, the company that delivers innovative payment processing and information intelligence solutions, today announced it has teamed with IBM and Infomax to implement a new national payment network for National Interbank Transaction Management Exchange (ITMX) in Thailand.
The new payment network automates transaction processing across Thailand's 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.
Ms. Wanna Noparbhorn, Managing Director, ITMX, explained: "Although there were a number of companies that could provide pieces of the infrastructure, eFunds, working with IBM and Infomax, was the only vendor able to offer us a complete solution with fraud and risk management as integral components. They were also able to show years of unrivalled experience from the work they have been doing with other large global financial services companies."
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(TM) 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 IBM's Global Technology Services. Infomax's 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.
Shailesh Kotwal, president of eFunds International, commented, "We understood that ITMX needed a central platform for its payments infrastructure. The solution not only integrates the front, middle and back office but includes enhanced risk management components, which were an important part of the whole contract. It will ensure ITMX is ready to face the challenges of the evolving financial services market, grow their business and respond to market demands for new customer offerings."
"Providing ITMX with an integrated payments solution that is secure and reliable will help its Member Banks focus more on growing their business and less on managing IT systems," said June Felix, general manager, banking solutions, IBM. "The combination of eFunds, IBM and Infomax technologies enables ITMX to establish the foundation for Thailand's transformation to a cashless society" - eFunds.
Posted January 15th, 2007 by Nymphadora
