It is perhaps useful in this connection to shed some light on Thailand’s experience in the use of ORFT service via ATM networks. Basically, ORFT is a further development of the ATM system in which inter-bank retail funds transfer can be performed through an inter-bank network using the ATM platform. It is developed by the Thai Bankers’ Association (TBA) on advice of the BOT. ORFT,
as a kind of e-banking activity, enables a customer of one commercial bank to make retail-level funds transfer to a transferee at another bank on an online basis.
Interestingly, the volume of ORFT transactions via commercial banks’counters has grown more than ten-fold between December 2005 and May 2006.Specifically, the volume showed an increase from an approximate amount of 18,638 transactions in December 2005 to 202,908 transactions in May 2006.
The new services seem to suit customers’ needs, as reflected in the substantial increase in the volume of transactions. From December 2006 onwards, the maximum amount per transaction has been extended from 50,000 baht to 100,000 baht.