Tesco Lotus and SCB in payroll tie-up

With this collaboration, and the optimal benefits for Tesco Lotus and its employees that it entails, SCB has set a record in terms of payroll services offered to corporate clients.

"We both aim to consistently increase efficiency and achieve savings in the way we do things. We both aim to provide the best value and service to our customers in order to win their lifelong loyalty," Tesco Lotus CEO Steve Hemmett said yesterday.

"I see today's collaboration as a message for the future, a message to our staff, our business partners and our customers. The message is clear - we will continue to press on to modernise all areas of our business organisation, to consistently improve the way we do things and to strive to be the best.

"I understand that SCB's handling of over 36,000 payroll accounts for our full-time employees nationwide is a new phenomenon in the Thai financial sector, which shows the potential of SCB to undertake such a large transaction."

The transactions include personal loans, investments and credit cards. This will help Tesco to distribute income to its staff rapidly and efficiently, he added.

SCB president Kannikar Chalitaporn said the bank had created a customised financial-service package meeting the needs of Tesco Lotus and its employees. The "SCB Payroll Plus" package will make payroll payments available for every Tesco Lotus employee by 6am every payday.  

SCB is also offering a special "Money Back" guarantee. In the event that any Tesco Lotus employee is unable to withdraw their salary from an ATM by the guaranteed time, SCB will pay Bt100 per account for the inconvenience.

The bank is the No-1 payroll service provider in Thailand, covering more than 10,000 companies. The number of SCB payroll service clients has expanded by more than 20 per cent so far this year.

The bank has a target of Bt290 million in payroll services this year, and expects 25-per-cent growth next year.