Vietnam International Bank (VIB) goes live with Diasoft’s FLEXTERA to support its development strategy
Aug 15, 2013
Diasoft, a global provider of cutting edge core banking solutions, announced today that its innovative FLEXTERA suite has been implemented by Vietnam International Bank (VIB), Hanoi, to support the bank’s extensive development strategy. Within only 3 months period Diasoft has successfully completed the first project stage of the automation of VIB payment management processes.
Being one of Vietnam’s leading banks and a pioneer in reforming business activities, VIB is making great efforts to be the most innovative and customer-centric bank in Vietnam. The bank always takes its customers as the focus and its service quality and innovative solutions as the business motto. With more than 150 branches & offices in 27 key cities and provinces, the bank is determined to enhance its IT platform to ensure the highest quality of its customer interaction and efficient support of its business strategy.
To support its development aims, VIB has selected the cutting edge FLEXTERA suite of financial products to raise the efficiency of the bank’s business processes related to different aspects of its business. The solution is based on the innovative, business process driven approach to banking automation, with the users being guided by the system through the subsequent steps of the predefined algorithms to ensure both fast and accurate work, reduced user errors and improved efficiency. All business processes are flexibly customizable and adjustable to support the bank’s existing and future business rules. This allows arranging a highly efficient support of all banking procedures.
The first project stage involved the implementation of a centralized payment system that allowed the bank to centralize and raise the efficiency of its payment management processes and to reduce operating expenses associated with these processes. Diasoft’s team ensured the highest quality of works within an agreed limited timeframe. After successful completion of the first project, Diasoft will embark on other project stages that involve step-by-step automation of other critical business processes.
"The choice of FLEXTERA and Diasoft is not just the selection of a technology to support our today’s development. It is a thorough selection of a strategic partner for a long term development of our business. We believe that a multi-component FLEXTERA solution based on the most advanced technologies will allow us to streamline our business processes and increase the quality of our services", said Mr. Tran Nhat Minh, VIB BOD member.
"Through the first project with Diasoft, we can immediately see positive results impacted in the way we process internal payments at more than 150 branches & offices across the bank. FLEXTERA solution is assessed as user-friendly and convenient by users in the bank. What is important for us is that the solution’s componentized architecture allows us to gradually increase its functionality and immediately start using the first project results", said Mr. Ho Van Long, CFO, Vietnam International Commercial Joint Stock Bank.
"VIB Bank is our first customer in Vietnam and we are proud of being selected by such a provisional and innovative financial organization", commented Mikhail Kryuchkov, Director, Global Markets, Diasoft. "Asia Pacific is a very dynamic and rapidly growing market. We at Diasoft are happy to help banks keep pace with this rapid development and raise their competitive strength by implementing the best global technologies".
About VIB Bank
Vietnam International Commercial Joint Stock Bank, abbreviated as Vietnam International Bank (VIB), was founded on 18th September 1996, with its head office based in Hanoi. Today, VIB is one of the leading commercial joint stock banks in Vietnam, with total assets of more than USD 3.3 billion. The bank’s charter capital is now USD 202 million while its shareholders’ equity is more than USD 390 million. Currently, the bank has 3,700 people working at more than 150 branches & offices in 27 key provinces/ cities across the country. During its operation, VIB has won a range of titles and awards from prestigious organizations nationally and internationally, including "Strong Brand of Vietnam", "Bank with The Most Satisfying Retailing Services" and "Bank with Excellent International Payment", and ranked the 3rd among 500 biggest private enterprises in Vietnam in terms of revenue as voted by VietnamNet. More information on the bank is available at http://vib.com.vn/
About Diasoft
Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
Multichannel Front Office operations and client management;
Middle Office risk management and decision making.
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements. For more information please visit www.diasoft.com.
Being one of Vietnam’s leading banks and a pioneer in reforming business activities, VIB is making great efforts to be the most innovative and customer-centric bank in Vietnam. The bank always takes its customers as the focus and its service quality and innovative solutions as the business motto. With more than 150 branches & offices in 27 key cities and provinces, the bank is determined to enhance its IT platform to ensure the highest quality of its customer interaction and efficient support of its business strategy.
To support its development aims, VIB has selected the cutting edge FLEXTERA suite of financial products to raise the efficiency of the bank’s business processes related to different aspects of its business. The solution is based on the innovative, business process driven approach to banking automation, with the users being guided by the system through the subsequent steps of the predefined algorithms to ensure both fast and accurate work, reduced user errors and improved efficiency. All business processes are flexibly customizable and adjustable to support the bank’s existing and future business rules. This allows arranging a highly efficient support of all banking procedures.
The first project stage involved the implementation of a centralized payment system that allowed the bank to centralize and raise the efficiency of its payment management processes and to reduce operating expenses associated with these processes. Diasoft’s team ensured the highest quality of works within an agreed limited timeframe. After successful completion of the first project, Diasoft will embark on other project stages that involve step-by-step automation of other critical business processes.
"The choice of FLEXTERA and Diasoft is not just the selection of a technology to support our today’s development. It is a thorough selection of a strategic partner for a long term development of our business. We believe that a multi-component FLEXTERA solution based on the most advanced technologies will allow us to streamline our business processes and increase the quality of our services", said Mr. Tran Nhat Minh, VIB BOD member.
"Through the first project with Diasoft, we can immediately see positive results impacted in the way we process internal payments at more than 150 branches & offices across the bank. FLEXTERA solution is assessed as user-friendly and convenient by users in the bank. What is important for us is that the solution’s componentized architecture allows us to gradually increase its functionality and immediately start using the first project results", said Mr. Ho Van Long, CFO, Vietnam International Commercial Joint Stock Bank.
"VIB Bank is our first customer in Vietnam and we are proud of being selected by such a provisional and innovative financial organization", commented Mikhail Kryuchkov, Director, Global Markets, Diasoft. "Asia Pacific is a very dynamic and rapidly growing market. We at Diasoft are happy to help banks keep pace with this rapid development and raise their competitive strength by implementing the best global technologies".
About VIB Bank
Vietnam International Commercial Joint Stock Bank, abbreviated as Vietnam International Bank (VIB), was founded on 18th September 1996, with its head office based in Hanoi. Today, VIB is one of the leading commercial joint stock banks in Vietnam, with total assets of more than USD 3.3 billion. The bank’s charter capital is now USD 202 million while its shareholders’ equity is more than USD 390 million. Currently, the bank has 3,700 people working at more than 150 branches & offices in 27 key provinces/ cities across the country. During its operation, VIB has won a range of titles and awards from prestigious organizations nationally and internationally, including "Strong Brand of Vietnam", "Bank with The Most Satisfying Retailing Services" and "Bank with Excellent International Payment", and ranked the 3rd among 500 biggest private enterprises in Vietnam in terms of revenue as voted by VietnamNet. More information on the bank is available at http://vib.com.vn/
About Diasoft
Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements. For more information please visit www.diasoft.com.