RS Components Co., Ltd. is a wholly-owned subsidiary of UK-based Electrocomponents plc, the world's leading distributor of electronic and engineering tools, components, and consumables, offering more than 500,000 products to over 1 million customers globally. HSBC has acted as the sole banking partner of RS Components in Thailand.
"We're very pleased to have RS Components sign up to our PromptPay Corporates service, with the registration for business-to-business (B2B) transactions kicking off in March this year. With our service, RS Components will benefit from speedy fund receiving to a single HSBC account while its counterparties will be able to make payments via any bank with lower transaction fees," said Ai Chen Lim, Head of Global Liquidity and Cash Management, HSBC Thailand.
Using the Corporate PromptPay service for electronic money transfers requires business clients to link their corporates tax ID with their only one bank account, which will be used instead of bank account numbers for any fund transfers. This represents an additional collection channel from which the counterparties can benefit from simpler and more convenient fund transfers and better cost effectiveness. This enables businesses to improve competitiveness, reduce redundancy of the number of accounts receiving payments, and increase account visibility with real-time payments and receivables data via a single banking platform.
"HSBC has made considerable investments in delivering the most secure and beneficial digital transaction services to customers in parallel with the provision of professional advisory services by dedicated industry-leading practitioners. We are currently working to deliver even more services, such as Bill Payment, to our PromptPay customers, which we aim to complete in the fourth quarter this year." Ai Chen added.
"On the country's move towards the digital economy, we are very proud to be an early-mover registering for Corporate PromptPay service with HSBC. Aside from convenient and secure money transfers, we look for additional benefits and more advanced PromptPay features to help enhance the company's liquidity management capability and make our business operations more efficient. Under Corporate PromptPay, we are truly well-positioned to better serve our customers and suppliers worldwide," said Patcharee Mee-in, Finance Manager at RS Components Co.,Ltd.
HSBC aims to be the leading international provider of main collections services for business clients in Thailand and is committed to supporting the establishment of Thailand's standardised payment infrastructure to build an innovation-based economy as per Thailand's 4.0 policy.