Innovating Beyond Modernisation: A VCB CashUp Case Study
This report provides useful advice and direction on how iGTB’s partnership with Vietcombank to provide the VCB CashUp solution is an example of how banks should modernise their offerings. iGTB's knowledge about the Vietnam market obtained through implementation experience helped it to configure the offering as per local market requirements, thus enabling Vietcombank to roll out the new product with ease.
This paper describes how Vietcombank’s collaboration with iGTB resulted in innovations that can serve as an example for financial institutions to adopt a similar approach to streamline operations, reduce implementation timelines, and provide value to their corporate clients.
Through a digital transformation journey, Vietcombank wanted to switch over to a newer corporate banking application with an aim to digitise operations, products, and services, enhancing its proposition to financial institutions and wholesale clients.
When the world was wrapped in Covid-19 crisis, adopting a new core banking system and payments hub connecting with local payment networks was a challenge as it required many interface changes. These changes were handled using a middleware layer at both PCM and ensured minimal impact.
VCB CashUp offers a rich product suite of transaction banking, including Digital Payments, Enhanced Liquidity Management, Supply Chain Finance, Virtual Accounts, Electronic Cash Collections & Receivables, Bill Payments, Host-to-Host services and other advanced functions. This increased the scale of Vietcombank and its revenue with more business and volume of transactions routed through Vietcombank’s system.
The VCB CashUp implementation has equipped the bank with the foundation for Growth & Innovation towards digital transformation – a base that is Future Proof, Scalable, Secure, Reliable, Flexible, Extensible and Maintainable. Through this initiative, Vietcombank was able to achieve increased revenue and improve its operational efficiency and customer experience.