Formation Technologies Inc. closed a $2.2 million deal last week with Krung Thai Bank of Bangkok, Thailand.
The Denver-based compliance software company will develop a loan origination package for Krung Thai, the fourth-largest bank in Thailand. With the new system, the bank will be able to exchange information, approve loans, and deliver documents among branches.
Replacing Hand Delivery
Bobby Shindler, executive vice president of FTI, said the bank currently hand-delivers documents to its branches. Deliveries to rural offices sometimes take two weeks.
Mr. Shindler said the biggest difference in doing business in Thailand is that its banks are owned by the government, whose approval deals need.
FTI will send a team of employees to Bangkok to help Krung Thai develop its system. The software vendor was acquired in March by John H. Harland Co., an Atlanta-based check printing company.