Due to Thailand’s rapid expansion of trade and economy, the amount of daily payment transactions has increased in both volume and value. To make the high-value financial transactions more convenient, cost-saving, and secure, the BOT developed thean electronic large-value funds transfer system, known as BAHTNET for the first time in 1995 and has been continuously improving its the services by linking with other systems domestically and internationally to facilitate the financial transactions to bethat are more efficient.
For exampleBy that, BAHTNET had system linked with the Government Fiscal Management Information System (GFMIS) system of tThe Comptroller General’s Department to serve for government payment in 2004., In 2006, BAHTNET also linked with Thailand Securities Depository Co., Ltd. (TSD) Company systems to supportfacilitate a the real-time equity and corporate bonds securities settlementpayment in 2006, and later in 2014, BAHTNET linked with the USD CHATS system of the Central bank of Hong Kong Monetary Authority for Payment versus Payment (PvVP) transactions to handle support the sale of foreign exchange money settlement in the currency of Thai Baht (THB) and in U.S. Dollar (USD), to aiming to reduce the risk of foreign exchange settlementpayment being made in different time zone. in 2014.
Furthermore, the Bank of Thailand (BOT) invented the a mechanism to reduce interbank settlement risk of the settlement between banks calledon Nnet Ssettlement basis. In 2015, BOT set introduced out a Securities Requirement for Settlement: (SRS) for managing risks from multilateral net settlement funds transfer inthrough BAHTNET system to ensure that Nnet Ssettlement can be completed within a specified timeon time despite of the failed payment from member having insufficient funds to reduce the overall risk of national payment system.
From the year of 2017 onwards, the Bank of Thailand BOT has applied standards and new technologies to BAHTNET system such as the standard forof Information Security Management System (ISO/IEC 27001) to increase the security of computer system forclients in BAHTNET usage system to be reliable and consistent. The API technology was also introduced to BAHTNET by implemented for BAHTNET Status Tracking service initially to notify results of funds transfer into creditor account provide notification of funds activity and will be used to improve other services of BAHTNET will continue to be improved in the future.
In 2022, the Bank of Thailand (BOT) appliedadopted the ISO 20022 international payment messageing standard (ISO 20022) to BAHTNET system which enhances the capability to supportsprovide richer and more structured wider range of payment data (Rich and Structured Data) enabling more the effectiveefficient trackability of financial transactions and conducive to future innovations.