Siam Commercial Bank: Blockchain for Procure-to-Pay

Siam Commercial Bank is the 2019 recipient of Aite Group’s Impact Innovation Award in Cash Management and Payments for Product Development.

Boston, November 6, 2019 – Profit pools and return on capital in the banking industry are shrinking in most countries. Facing stagnant profit and intense competition, banks that don’t change risk becoming less relevant to their customers and being challenged and disrupted by competitors both from inside and outside the industry. Siam Commercial Bank sees this threat and is addressing transaction banking challenges by creating unique values for customers, such as blockchain for procure-to-pay to facilitate supply chain trading.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by financial institutions leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, or levels of automation and effectiveness that are bringing our industry one step closer to next-generation banking. Other reports in this series feature Aite Group’s Impact Innovation Award in Cash Management and Payments for customer experience, customer experience in cards, customer experience by a global bank, customer experience for small businesses, operational efficiency, digital channel capabilities, and product development in real-time payments.

Clients of Aite Group’s Wholesale Banking & Payments service can download this 10-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

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