Home News & events Press Releases 2009 VietinBank completes 1st phase of switch implementation

 

logo20Vietinbank1Compass Plus Limited and Vietnamese Joint-Stock Commercial Bank for Industry and Trade (VietinBank) have completed the first phase of their joint project to implement a financial switch, centralized card issuing and acquiring system.

VietinBank places a large emphasis on developing its retail business operations with heavy reliance on the latest technology to deliver an advanced and comprehensive range of banking products and services throughout Vietnam. VietinBank has found itself in a situation where the need to use and maintain the disparate systems that had once provided Bank with a competitive advantage, was fast becoming a significant burden and a big constraint in furthering business development.

VietinBank has set up a business strategy to catch up with the market, primarily looking to update cards issuing and acquiring systems, in order to rationalize these systems and reduce operational and management costs. This has led to that Compass Plus and its local JV partner SBD Corporation winning the tender to help bring VietinBank back up to competitive standards.

Under the contract resulting from the tender Vietinbank has acquired a comprehensive set of TranzWare products including TranzWare Online, TranzWare CMS (complete with revolving credit facility and other associated extensions), TranzWare Interchange, TranzWare Card Factory, TranzWare Fraud Analyzer.

The objective of the first project phase, which has just been successfully completed, was to migrate credit card issuing and POS acquiring to TranzWare from one of the incumbent systems. The project phase has also involved issuer and acquirer certification with Visa and MasterCard, as well as with BanknetVN, a degree of integration to VietinBank’s core banking system and to another of the incumbent systems that will be phased out over an extended period of time, integration to a number of national service providers (such as Electricity of Vietnam) and a host of other tasks of different magnitude and complexity.

Once some initial hurdles were negotiated, the project developed smoothly at an increasingly fast pace building up towards the completion of the first phase on 10th July when all of VietinBank’s credit card issuing and POS acquiring operations were successfully migrated to TranzWare.

The long-term objective of this project is to provide a single financial switch, centralized card issuing and acquiring system, that is fully integrated to service delivery channels and to VietinBank’s servers, including POS and ATM switching systems, issuing and acquiring systems for both credit cards and debit cards and other card services.

VietinBank was established in 1988 after separating from State Bank of Vietnam. Being one of the four largest State-owned commercial banks of Vietnam, VietinBank’s total assets account for over 20 percent of the market share of the whole Vietnamese banking system. VietinBank has built an extensive network of branches, transaction offices and other points of presence throughout the country, its ATM network comprises of some 800 units strategically deployed throughout 56 provinces and cities.
www.vietinbank.vn