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Thai banks add cash transfer to ATMs
BANGKOK -- The six largest Thai-owned banks said that they have agreed to jointly offer cross-banking electronic cash transfer, according to the Xinhua News Agency. Bangkok Bank, Krung Thai Bank, Thai Farmers Bank, Siam Commercial Bank, Bank of Ayudhya and Thai Military Bank announced a plan to enable ATM cardholders to transfer money among the six banks. The joint electronic banking service, named "On-line Retail Fund Transfer," will become available June 19 and will serve 13 million ATM cardholders through 4,000 machines nationwide. The move is seen as a major cooperative effort in the struggle to protect Thai banks' market shares from being impacted by so-called "hybrid banks." The "hybrid banks," whose majority had been taken by foreign banks, are seen as major players in the banking arena with advanced technological capabilities. Thai banks' advantages lie in their large consumer base and investments in ATM networks.
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