Transforming Krungsri Bank
Krungsri Bank, also known as Bank of Ayudhya, is the fifth largest bank in Thailand in terms of loans and deposits, and a member of the MUFG global financial group.
They serve over 2 million consumers, more than 100,000 merchants, and empower nearly 100 local corporate giants.
Silot worked with Krungsri Bank to optimize their operations and fight fraud with incredible success:
We increased monthly merchants acquired by Krungsri Bank over a 6 month period with our onboarding solution
OVERHEAD FOR PAYMENT CHANNEL OPS
A streamlined payments management system cut down operation costs while increasing number of payment channels from 2 to 5
AVERAGE DAILY SETTLEMENT
Our payments and onboarding solutions empowered Krungsri Bank’s customers to process more transactions
We boosted Krungsri Bank’s detection of transaction fraud and money laundering, with nearly 30% of detected cases being passive fraud
"Silot is the best QR and Merchant Payment Solution."
— BANK OF AYUDHYA (KRUNGSRI BANK)
Streamlining The Merchant Acquisition Process
Overloaded by paperwork and manual verification processes, merchant onboarding was a slow and tedious operation at Krungsri Bank.
By utilizing Silot's platform, Krungsri Bank was able to consolidate all applications in their system. This single platform boosted collaboration across teams and vastly improved their efficiency. Forms were also digitized for easy management, allowing the platform to assist teams with Know-Your-Customer (KYC) and Anti-Fraud checks.
In addition, Silot's payment solutions were built into the same platform, reducing merchant onboarding time by more than 50%.
Adapting For A Rapidly Changing Payments Landscape
In the last few years, multiple new payment channels have entered the Southeast Asian market. To remain competitive, Krungsri Bank needed to integrate these payment solutions and offer them to their merchants. This was a costly and time-consuming process.
Silot provided the integration of 5 QR payment channels, compatible with Electronic Data Capture (EDC) systems. Designed to speed up operations, teams in Krungsri Bank can now manage multiple payment channels quickly, boosting their efficiency along with merchant acquisition rates.
Guarding Against New Forms Of Fraud
Krungsri Bank's existing anti-fraud systems, although robust, was rigid to change, especially when it came to transactions taking place across new payment channels.
Silot helped Krungsri Bank fight both active and passive transaction frauds in all QR payment channels managed by our platform. Active fraud transactions are automatically blocked, with up to 30% of all frauds detected to be passive fraud.
Krungsri Bank is both more proactive and reactive for fraud vigilance today than it was before.
You Could Be The Next Success Story
Schedule a product demo with us today to learn how we can help your organization reach its full potential.