The current challenges set by changes in the business environment and increasing requirements of risk management regulations have promoted banks to synchronize particular products. That is why the core-banking system is considered the center and nuclear of a bank’s information system as well as other financial systems. The more effective the core-banking system is, the more costs that banks can save.
Banks and financial institutions in Vietnam are in the process of upgrading or replacing their “core” system. Among which, g Vietnam Export-Import Commercial Joint-Stock Bank (Eximbank) has chosen Infosys Finacle core-banking solution as the substitution for its existing one.
According to Mitsuaki Shiogo – Core-banking System Implementation Project Director of Eximbank, “Within the context of robust development of information technology and growing demands for high-tech banking products and services from customers, Eximbank is required to select an appropriate technological solution for its own. That is why Infosys’s Finacle core-banking software solution has been chosen thanks to its multi-functionalities and capabilities of providing various banking operations of wholesaling, retailing, capital and trade management, and online transaction support. We do believe that the deployment of the new core-banking system will enable Eximbank to create a breakthrough in exploiting existing products and services, developing more products and services, as well as managing risks and internal processes in a stricter and more effective way”.
Each software solution will have their own strengths. Infosys Finacle is known for its advantages of enabling banks to easily master the system operation process, develop products and services bank-wide to save time and labor, process online transactions, and accommodate multi-language and multi-currency trading requests, from which banks can improve centralized operations, etc.
Sajit Vijayakumar, Chief Operating Officer, Infosys Finacle, said: “The economy in Vietnam is on a robust growth trajectory supported by favorable demographics, proximity to major global supply chains and a stable political climate. For banks to take advantage of this favorable tailwind, a modern technology platform is crucial to drive expansion and growth. With the new-generation Finacle platform, Exim Bank will be able to effortlessly develop and launch new offerings, create new lines of revenue, and enable greater operational efficiencies. With this implementation, Exim Bank will join a growing list of banks in Vietnam and financial institutions across the world, enabled with the industry’s leading digital banking solution suite.”
Mitsuaki Shiogo also shared that Finacle is developed by Infosys, a large and prestigious company in India, and has been used by many major banks in the South East Asia namely as DBS in Singapore, RCBC and China Bank in the Philippines, TMB and GHB in Thailand, and some others in the world. Eximbank is now at the last stage of Simulation before Go-live.
Notice to customers from Eximbank
- From 01/09/2018 to 03/09/2018: All branches and transaction offices will close for the National Day on 02/09 and resume normal operations on 04/09/2018.
- From 01/09/2018 to 02/09/2018: Due to core-banking system upgrade, the Internet Banking, Mobile Banking, ATM/POS systems and some online transactions may be restrictedly accessed from 05:00 a.m. to 07:00 a.m. on 01/09/2018 and from 15:00 p.m. to 20:00 p.m. on 02/09/2018 (such tentative time may be shorter or longer depending on practical situation). After these periods, all transactions will become normal.
For further information, customers may contact 24/7 Customer Service Center at (84) 1800 1199 or the nearest branch or transaction office of Eximbank.