Menu

Finastra helps VPBank migrate to a new treasury system and grow its financial market division



London-based fintech company Finastra announced assisting VPBank separate its treasury operations from its legacy core banking system by introducing its Fusion Kondor and Fusion Risk solutions.

The change is delivered through Finastra’s Fusion Adopt implementation program and will help the bank grow its financial markets division by developing new complex products and improving operational efficiency through automation.

Pham Phu Khoi, Head of Financial Markets Division, VPBank said:

Pham Phu Khoi, VPBank
Pham Phu Khoi
Source: LinkedIn

As an innovation leader in Vietnam’s banking sector, the digitization and modernization of our business is a key priority. We also have ambitious plans for growth which our legacy core banking system could not support. Finastra’s modern, front-to-back treasury system has given us significant efficiency gains because we no longer need to manually execute treasury transactions, whilst we also benefit from greatly improved risk management capabilities. When we initially went live we managed to run our close of business operations without any exceptions for the very first time. This was far beyond our expectations and a result of Finastra’s dedication, skill and hard work.

partnership

Fusion Kondor allows banks to trade high volumes of treasury while also offering flexibility to support more complex derivatives, options and structured trades. The solution’s integration with existing systems and applications is easy.

Fusion Risk offers a fully automated, end-to-end IFRS9/CECL solution. It is integrated with Finastra’s core banking, lending and trading solutions. It also delivers impairment and credit risk modelling.

Wissam Khoury, SVP & GM, APAC & MEA, Finastra said:

Wissam Khoury, Finastra
Wissam Khoury
Source: LinkedIn

This implementation marks the first time VPBank has separated the management and accounting of a whole group of specialized and complex banking products from its core banking system. This project was also the first in the world to utilize Finastra’s latest integration platform, Fusion Fabric Connect, which consolidated all connections to a centralized hub, controlling the interface data quality in a fast, effective and intuitive way. Close co-operation between Finastra’s Services team and VPBank paved the way for a smoothly run project which was completed on time and only required around half of the people resources originally budgeted for, leading to a significant saving.


Read More:

arrow

Finastra helps VPBank migrate to a new treasury system and grow its financial market division

0
Send this to a friend