Inward Remittance
Cross Border Inward Remittance Sponsor Bank Model
The Cross Border Inward Remittance Sponsor Bank Model is an extension of PromptPays core service to enhance interbank money transfer capabilities to support transactions from Money Transfer Operators (MTOs). These MTOs build business relationships with overseas financial institutions and receive international money transfer orders. Funds are transferred from overseas senders into Thailand via MTOs and then transferred from the MTOs via the Sponsoring Bank in Thailand through the companys PromptPay Credit Transfer system. The transfers are made to bank accounts with a transfer value not exceeding 500,000 baht per transaction. NITMX acts as an intermediary, transmitting the money transfer order information to the Receiving Bank in Thailand for near-real-time crediting to the recipients account.
The Cross Border Inward Remittance Sponsor Bank Model is an extension of PromptPays core service to enhance interbank money transfer capabilities to support transactions from Money Transfer Operators (MTOs). These MTOs build business relationships with overseas financial institutions and receive international money transfer orders. Funds are transferred from overseas senders into Thailand via MTOs and then transferred from the MTOs via the Sponsoring Bank in Thailand through the companys PromptPay Credit Transfer system. The transfers are made to bank accounts with a transfer value not exceeding 500,000 baht per transaction. NITMX acts as an intermediary, transmitting the money transfer order information to the Receiving Bank in Thailand for near-real-time crediting to the recipients account.
