iGTB’s Payments and Cash Management System in action at Vietcombank’s Launch of VCB CashUp
This Launch digitally transforms wholesale banking services and accelerate Vietnam’s digital economy 2025 roadmap with VCB CashUp
iGTB’s strategic partnership with Vietcombank along with local player FTP Information Systems will enhance corporate customer delight by focusing on operational efficiency, reduce complexity and cost for all segments – Large Enterprises, State-Owned Enterprises, FDI& Financial Institutions.
London, 10th March, 2021: Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, today announced that Hanoi-headquartered Vietcombank has now deployed iGTB’s next-generation Digital Transaction Banking Enterprise Suite (DTB).
This Enterprise Suite delivers superior channel experience to grow the bank’s corporate customer base, create customer stickiness with the ability to quickly respond to customer changes, in-built configurable product setup for faster responsiveness as the market evolves. It also helps reduce Vietcombank’s operational expenses and provides a seamless user experience with the ability to improve productivity and lower the TCO. VCB CashUp includes Digital Payments, Enhanced Liquidity Management, Supply Chain Finance, Virtual Account Management, Electronic Cash Collections & Receivables, Bill Payments, Host-to-Host services and other advanced functions such as Information Reporting, Cashflow forecasting, and Mobile Banking.
According to Mr. Dao Minh Tuan, Deputy General Director at Vietcombank, “The National Digital Transformation Roadmap 2025 (with a vision for2030) provides a charter for the digital economy to reach US $52 billion growing at 30% by strengthening digital infrastructure for wholesale corporates & SMEs, innovating banking technology products and ‘Make in Vietnam’ mission. With VCB CashUp Digital Transformation, Vietcombank is all set to become the first Vietnamese bank to digitise all payment activities and cash flow management of institutional customers. Vietcombank’s aim is to digitise operations, products, and services, enhancing its proposition to Wholesale clients including Corporate with revenue up to US$ 5 mil and Financial Institutions. This ensures meeting the diverse and advanced needs of customers, thereby confirming Vietcombank’s superior position to become a leading digital financial institution in the region.”
He added, “VCB CashUp is a key, large-scale Information Technology program and is of significant importance to Vietcombank’s business in the coming years. Vietcombank has spent 2 years studying the pre-feasibility of the project and submitting it to the State Bank for approval until it selected iGTB for ensuring success in implementing the project.”
According to iGTB CEO, Mr. Manish Maakan, “More than 50 global banking groups across APAC, Middle East, and South Asia & Africa transact daily and in huge volumes on the DTB Enterprise Suite. This latest transformation deepens Intellect’s portfolio in Vietnam, with currently 9 clients across the country. This dominance demonstrated in Vietnam, is the latest illustration of our market coverage strategy yielding dividends across our client portfolios in APAC, Middle East, Europe and Americas.”
Mr. Maakan added, “Vietcombank, through this high-performance technology has now set the benchmark in Vietnam with new capabilities to launch new products and services faster, reduce systemic overheads & TCO and through pre-configuration acquire new corporate customers. iGTB’s Vietnam ready DTB Enterprise Suite is a result of years of investment into adapting DTB to local Vietnamese regulations & payment systems, backed by iGTB’s boots-on-the-ground local relationship managers, delivery teams out of Hanoi, and an exclusive partnership with FTP Info services, a highly experienced technology services organisation with deep Vietnamese roots.”
- Vietcombank now offers iGTB’s Digital Transaction Banking (DTB) with the focus on payments and cash management capability to corporate clients, which helps deliver a seamless mobility driven user experience with a rich product suite including Digital Payments, Enhanced Liquidity Management, Supply Chain Finance, Virtual Account Management, Electronic Cash Collections& Receivables, Bill Payments, Host to Host services and other advanced functions such as Information Reporting, Cash flow forecasting.
- Innovating around the pandemic: Travel and operational restrictions were overcome to ensure commitment to timelines by creating tighter co-ordination avenues between business and teams, leveraging secure remote connections to manage application infrastructures and online tools to ensure daily and regular interactions between all parties. The adoption of agile implementation framework ensured that multi-system interfaces & integrations rolled out smoothly and adhered to the overall planned timelines.
- Reducing the time-to-market: The platform is built on Service Oriented Architecture principles that enable modules to be quickly stitched together for developing a comprehensive solution, thus allowing the bank to get quick returns on their investments. As a result, products can be quickly launched to offer value-added services to the bank’s customers.
- Improving customer stickiness: This platform across Cash, Liquidity, and Supply Chain will enhance operational efficiencies by eliminating manual processes, enabling straight-through processing, digitalization, and support operations in multiple currencies.
- Acquiring new customers and grow business exponentially: The platform will enable Vietcombank to cross-sell and up-sell the products across different market segments through targeted marketing campaigns and its flexibility to respond to ever-changing dynamic market conditions through pre-configuration.
- Maximizing fee-based revenue: The platform also allows Vietcombank to offer differential charging to the customers through the flexible charge engine available. Growing customer base coupled with flexible charging capabilities enables the bank to It would also enable the bank to earn higher margin in the form of float income by providing an access to low-cost funds.
- An integrated approach to operational excellence: An integrated platform will bring in process optimization, higher automation, and STP capabilities ensuring increased operational efficiency through centralization of functions and rapid issue resolution. Integration of several functionalities, hitherto handled by multiple systems such as [email protected], core banking, new payments hub system and integration with 40+ tax payment interfaces are all now into one integrated PCM platform that will result in easier and less expensive maintenance and upgrade costs in the future.
- Extended channel capabilities for corporate customers: The mobile-ready platform allows Vietcombank to provide a tailored experience to its customers at no extra cost and empower them with simple yet so effective Do-It-Yourself features with minimum intervention from the bank which results in increased wallet share.
- Local market-ready: This helps Vietcombank to pre-configure the product as per local market requirements thus enabling the banks to adapt to new markets with much ease. This covers true multi-entity, multi-currency, multilingual (supports the Vietnamese language on screen and in reports), and local payment rails. As a result, products can be quickly launched to offer value-added services to the bank’s customers.
About iGTB’s Digital Transaction Banking platform
iGTB, is the world’s first complete Global Transaction Banking Platform from the house of Intellect. It helps corporate banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across DTB, contextual banking CBX, Payments, Liquidity, Trade, and Supply Chain, iGTB is an authority on vertical and integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers.
The Digital Transaction Banking Enterprise Suite (DTB) from iGTB is a high-performance, patent-pending solution that is designed to deliver growth, create a foundation for business & service expansion, create simplicity in corporate onboarding powered by expertise backed user journeys, with replicable & robust operational processing and deployment certainty. More than 50 other global banking groups are benefitting from this world-leading solution which handles 50% of the total corporate collections’ transactions across India, the Middle East & Africa. For more information, please visit https://www.igtb.com/dtb
About Intellect Design Arena Limited
Intellect Design Arena Ltd, a cloud-native, future-ready multi-product fintech platform for the world’s leading financial & insurance clients caters to the full spectrum of banking and insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect serves over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com. For further information about the transaction banking solutions offered by iGTB, please visit https://www.igtb.com/