MONT-SAINT-GUILBERT, Belgium, June 25,
2024 /PRNewswire/ -- The Joint Stock Commercial
Bank for Investment and Development of Vietnam (BIDV), the largest bank in
Vietnam by assets ($72 billion), has chosen OpenWay, an acclaimed
payment technology vendor, to spearhead its digital transformation
project. This collaboration replaces BIDV's card management and
payment systems with OpenWay's top-rated Way4 digital payment
software platform.
The project addresses the challenges of BIDV's fragmented,
outdated systems and the complexity of managing numerous satellite
applications. To deliver a superb, fully digital customer payment
experience, the bank sought to migrate its extensive portfolio of
millions of cards, and thousands of ATMs, and POS devices to a
modern infrastructure. By migrating to the Way4 platform, BIDV will
swiftly launch innovative products, minimize costs, enhance
customer satisfaction, and reduce development time.
This digital transformation is part of BIDV's broader strategy
to become the leading financial institution in Southeast Asia and the bank with the best
digital platform in Vietnam by
2030. It will establish a centralized, modern payment system with
open architecture, comprehensive APIs, and flexible
parameterization capabilities. The Way4 technology stack plays a
key role, renowned for its end-to-end online payment processing
functionality and rule-driven, digital-first approach. By adopting
Way4, BIDV will increase flexibility, achieve operational
excellence, and expedite the rollout of digital products and
services.
The new system will leverage Way4's issuing, acquiring, and
switching capabilities, managing the full card and merchant
management lifecycle. This includes account management, value-added
services, fraud prevention, dispute resolution, health monitoring,
high availability, and tokenization.
BIDV's CEO, Mr. Le Ngoc Lam,
states: "Investing in a new payment system is part of our
commitment to become a fully digitized, technology-based retail
bank. We highly appreciate OpenWay's capabilities and experience in
the CMS's market."
Mr. Rudy Gunawan, Managing
Director of OpenWay Asia, comments: "We are committed to ensuring
the success of this project by engaging the best regional and
global experts, along with our senior engineers with extensive
migration experience. Our knowledgeable team will support BIDV
through each project phase, ensuring flawless execution and
alignment with the project's demands."
This important milestone marks the beginning of BIDV's
transformation of its card payment system, a journey filled with
challenges and aspirations. This collaboration is crucial for
leveraging each other's strengths to deliver superior, advanced
payment solutions to customers.
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