Thailand has launched the dStatement (digital bank statement) service, which is a financial information exchange service for sending and receiving bank statement data directly between banks in a machine-readable digital format.
The service, starting from 24 January 2022 onwards, allows financial service customers, who need to submit their bank statement as a supporting document, to request and send their bank statement data directly from one bank to another bank using their own mobile banking apps or via other servicing channels. It is significantly more efficient than the traditional way, in which customers need to visit a bank branch to request a paper-based bank statement.
The dStatement is the first service delivered to the market as an achievement of the first pilot project under the cooperation agreement between banks signed by the member banks of Thai Bankers’ Association, the Government Financial Institutions Association, and the Association of International Banks on 8 July 2021 to develop and adopt common data standards to promote innovation and digital financial services.
Launching of data connectivity services, namely dStatement, will enable consumers to send their personal data stored at a financial institution to use at another third-party financial service provider for their own benefit. This will allow customers access to a wider range of financial service providers that appropriately suit their specific needs.
Mr. Ronadol Numnonda, Deputy Governor for Financial Institutions Stability, Bank of Thailand, stated that recent technological developments have been a crucial factor in accelerating Thailand’s financial ecosystem into the digital financial era.
It is essential to create an ecosystem that is open to both financial service customers and financial service providers to leverage available technologies and data, so that new innovations are encouraged and introduced.
The launch of dStatement is the first milestone of an open data ecosystem that would establish a solid foundation and enable the Thai financial sector to transform service deliveries from traditional channels into purely digital ones, and to be prepared to stay resilient in the fast-changing world.
Such an ecosystem, he said, will enable financial service customers, by utilizing and having control over their own data, to gain better access to wider options of available financial services, and also enable financial institutions to foster more competitiveness with data and technology.
Source: The Government Public Relations Department
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