The Bank of Ayudhya Public Company Limited (Krungsri) and PT Bank Danamon Indonesia Tbk (Danamon), both consolidated subsidiaries of Mitsubishi UFJ Financial Group (MUFG) and its core banking subsidiary MUFG Bank, have entered into a Real-Time Cross-Border Funds Transfer Agreement, to jointly establish a peer-to-peer (P2P) settlement network that will enable the execution of overseas remittances of up to USD 100,000 instantly, anytime and at a lower cost, and to develop a new overseas remittance service. The establishment of the network, which utilizes leading-edge API technology, will enable customers to make remittances 24/7 at a cost lower than with conventional services. By offering the service, the two banks will provide even greater convenience and flexibility to corporate and retail customers needing to transfer funds between Thailand and Indonesia.