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DKSH Transforms Treasury Processes to Elevate Services in Thailand

DKSH Thailand worked with two global financial institutions in Thailand to elevate our treasury functions including better collection management and reduced fraud risks in the market.

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Services

Finance

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Thailand

DKSH Thailand is one of the largest organizations in the market in terms of sales and employs over 7,000 specialists. It provides tailor-made services covering the complete Market Expansion Services value chain, from sourcing, market analysis and research, marketing, sales, distribution, logistics, and after-sales services of a diversified range of products. We currently serve over 550 multinational and local companies through our four highly specialized Business Units.

DKSH Transforms Treasury Processes to Elevate Services in Thailand

Challenge

The previous treasury process involved several manual, time-consuming tasks, particularly in the areas of reconciliations and cash management. These tasks were prone to inefficiencies and errors due to their reliance on human intervention and outdated methods.

We needed to move away from these manual, time-consuming processes and adopt more automated and integrated treasury management solutions.

Approach

The goals of the projects were to improve receivables management, enhance working capital management with reduced float days, and lower operational and transactional costs for the banks. We implemented real-time payment notification and automated reconciliation via API connectivity, and domestic cash concentration with zero-balance and two-way sweeps mechanisms.

The introduction of the Dynamic QR solution allows customers to make payments using more convenient methods. The removal of friction points involving third-party bank accounts for local collections and the ability to receive funds instantly at the cheapest mode of transfers help to reduce costs.

DKSH Thailand also introduced QR Promptpay cross-bank bill payments to enhance customer payment experience and automated bank statement reconciliation. QR Promptpay is an instant payment platform that enables real-time cross-bank electronic transfers via Proxy ID or bank account number. This is linked to our ERP with QR presentment on m-Collector devices. For automated reconciliation, the format includes credit amount, credit time, post-credit balance, and basic payer information.

We also focused on reducing fraud and operational risks by eliminating manual cash handling processes, which are prone to fraud and manual error. Our solutions provided greater flexibility as there was no restriction on market cut-off time and allowed payment round-the-clock.

Result

The resulting enhancements led to our treasury operations achieving greater efficiency, higher transaction accuracy, and improved agility in their operations. As a testament to DKSH Thailand’s accomplishment, we won two Industry Achievement Awards for Best Payments and Collections Solutions at The Asset Triple A Treasurise Awards 2024.

The combination of dynamic QR payments, API-powered credit notification, and domestic cash concentration, have modernized DKSH’s business in Thailand. From reduced cash collection associated with fraud risks to improved reconciliation through automation, better fund management, and cash visibility, the solutions have enabled our Treasury team to deliver more strategic value to support DKSH’s business growth.

Paknapa Boonprasop, Director, Country Taxation & Treasury, DKSH Thailand.
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