IBM which is a huge name in technology has obtained a Blockchain pilot together with Bank of Ayudhya as called Krungsri of Thailand. The Blockchain technology is geared to simplifying contract management process by using the distributed ledger technology.
Improved Related Party Transactions
Bank of Ayudhya is the fifth largest bank in Thailand according to Asset base, deposits, and loans. The bank provides a variety of financial services which include insurance, securities trading, credit cards, asset and wealth management.
With the bank doing thousands of transactions and agreements per day is important for them to improve the process to make it more efficient. After months of engagement and tests, both Bank of Ayudhya and IBM are finally satisfied with the results. They have both agreed that RPT capability has increased data security, general operations, and information transparency.
According to the Banks head of information and operations officer Voranuch Dejakaisaya: “The tests on this project was started last year and has been a success. The main aim is to reduce paperwork and digitalize the process. We wanted to enable authentication and information approval done in the Blockchain based database. We want to expand the service to all our subsidiaries.”
Enhanced Security and Reduction of Errors
Through the Blockchain technology, Bank of Ayudhya will have a quick way of sharing confidential information. The Bank will also have an improved transparency in its operations. This will be enhanced by giving control to the Audit and supervisory teams by granting them quick access to information.
According to the Managing director of IBM Thailand Ltd, Mrs. Parnsiree Amatayakul: “The success of Bank of Ayudhya in this technology shows the importance of the Blockchain technology in the financial sector. IBM is much honored to partner with the Bank to ensure efficiency and transparency to contract management process. This is also a great step of financial innovation in Thailand.”