iGTB Digitizes Vietcombank Corporate Banking Offerings

Vietcombank, based in Hanoi, Vietnam, has deployed a Digital Transaction Banking Enterprise Suite offered by Intellect Global Transaction Banking (iGTB), according to a press release.

Vietcombank will use the technology to power its CashUp digital offerings, bank Deputy General Director Dao Minh Tuan said in the release.

“…Vietcombank is all set to become the first Vietnamese bank to digitize all payment activities and cash flow management of institutional customers,” he said in the release. “Vietcombank’s aim is to digitize operations, products and services, enhancing its proposition to wholesale clients, including corporate with revenue up to $5 million and financial institutions. This ensures meeting the diverse and advanced needs of customers, thereby confirming Vietcombank’s superior position to become a leading digital financial institution in the region.”

iGTB said in the release that the Enterprise Suite is deploying features that lead to increased “customer stickiness” and flexibility that allows “faster responsiveness as the market evolves.” The suite also will reduce Vietcombank’s operating expenses.

Vietcombank’s CashUp offerings include, according to the release, “Digital Payments, Enhanced Liquidity Management, Supply Chain Finance, Virtual Account Management, Electronic Cash Collections & Receivables, Bill Payments, Host-to-Host services and other advanced functions such as Information Reporting, Cashflow forecasting and Mobile Banking.”

In the release, Tuan described his bank’s CashUp offerings part of “a key, large-scale Information technology program” and said it is “of significant importance to Vietcombank’s business in the coming years.”

iGTB CEO Manish Maakan said in the release that more than 50 banking groups around the country use his company’s Enterprise Suite, and Vietcombank is the ninth to sign on in Vietnam.

Vietcom bank was formed in 1963. According to its website, it has 111 branches and 472 transaction offices in Vietnam.