The role of Bank of Thailand in Payment Systems

Responsibilities

Promoting and fostering cooperation among stake holders to development process of National Payment Systems, including joining cooperative organizations both in regional and international levels;
Having oversight role to control payment risks and to promote efficiency of Thai payment systems;
Promoting competition in the market for payment services;
Owning and operating two core national payment systems: BAHTNET-RTGS for large value payment transactions and ECS-electronic interbank check clearing system

As payment systems are the root of the functioning financial and monetary systems, Bank of Thailand (BOT) has taken a leading role in modernizing Thai payment systems to reach higher stage of both safety and efficiency. The reformation of Thai Payment Systems took place in 1990s when BOT established three core electronic payment systems, designed to meet the needs of both wholesale and retail markets.

However, the Thai payment environment has been extremely dynamic, particularly in terms of user’s needs and behaviors as well as advances in the information and communications technologies. It is, therefore, necessary to have strategic plans that can effectively deal with these challenges. The first effort started in 2002 when BOT, in cooperation with key stake holders in payment area, formulated Payment Systems Roadmaps 2004, providing strategic payment direction. Later in 2007, BOT disseminated Payment Systems Roadmaps 2010 to cope with new challenges by the year 2010.