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 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.
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.
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.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.