Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Vietcombank launches VCB CashUp powered by iGTB's Payments and Cash Management

Posted On: 2021-03-12 00:11:20 (Time Zone: Arizona, USA)


Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, has announced that Hanoi-headquartered Vietcombank has now deployed iGTB's next-generation Digital Transaction Banking Enterprise Suite (DTB).

This Enterprise Suite delivers superior channel experience to grow the bank's corporate customer base, create customer stickiness with the ability to quickly respond to customer changes, in-built configurable product setup for faster responsiveness as the market evolves. It also helps reduce Vietcombank's operational expenses and provides a seamless user experience with the ability to improve productivity and lower the TCO. VCB CashUp includes 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.

According to Mr. Dao Minh Tuan, Deputy General Director at Vietcombank, "The Nationaldao Digital Transformation Roadmap 2025 (with a vision for2030) provides a charter for the digital economy to reach US $52 billion growing at 30% by strengthening digital infrastructure for wholesale corporates & SMEs, innovating banking technology products and 'Make in Vietnam' mission. With VCB CashUp Digital Transformation, Vietcombank is all set to become the first Vietnamese bank to digitise all payment activities and cash flow management of institutional customers. Vietcombank's aim is to digitise operations, products and services, enhancing its proposition to Wholesale clients including Corporate with revenue up to US$ 5 mil 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."

He added, "VCB CashUp is a key, large-scale Information Technology program and is of significant importance to Vietcombank's business in the coming years. Vietcombank has spent 2 years studying the pre-feasibility of the project and submitting it to the State Bank for approval until it selected iGTB for ensuring success in implementing the project."

According to iGTB CEO, Mr. Manish Maakan, "More than 50 global banking groups across APAC, Middle East, and South Asia & Africa transact daily and in huge volumes on the DTB Enterprise Suite. This latest transformation deepens Intellect's portfolio in Vietnam, with currently 9 clients across the country. This dominance demonstrated in Vietnam, is the latest illustration of our market coverage strategy yielding dividends across our client portfolios in APAC, Middle East, Europe and Americas."

Mr. Maakan added, "Vietcombank, through this high-performance technology has now set the benchmark in Vietnam with new capabilities to launch new products and services faster, reduce systemic overheads & TCO and through pre-configuration acquire new corporate customers. iGTB's Vietnam ready DTB Enterprise Suite is a result of years of investment into adapting DTB to local Vietnamese regulations & payment systems, backed by iGTB's boots-on-the-ground local relationship managers, delivery teams out of Hanoi and an exclusive partnership with FTP Info services, a highly experienced technology services organisation with deep Vietnamese roots."

Key Highlights

Vietcombank now offers iGTB's Digital Transaction Banking (DTB) with the focus on payments and cash management capability to corporate clients, which helps deliver a seamless mobility driven user experience with a rich product suite including 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, Cash flow forecasting.

Innovating around the pandemic: Travel and operational restrictions were overcome to ensure commitment to timelines by creating tighter co-ordination avenues between business and teams, leveraging secure remote connections to manage application infrastructures and online tools to ensure daily and regular interactions between all parties. The adoption of agile implementation framework ensured that multi-system interfaces & integrations rolled out smoothly and adhered to the overall planned timelines.

Reducing the time-to-market: The platform is built on Service Oriented Architecture principles that enable modules to be quickly stitched together for developing a comprehensive solution, thus allowing the bank to get quick return on their investments. As a result, products can be quickly launched to offer value added services to the bank's customers.

Improving customer stickiness: This platform across Cash, Liquidity and Supply Chain will enhance operational efficiencies by eliminating manual processes, enabling straight-through processing, digitalization, and support operations in multiple currencies.

Acquiring new customers and grow business exponentially: The platform will enable Vietcombank to cross-sell and up-sell the products across different market segments through targeted marketing campaigns and its flexibility to respond to ever changing dynamic market conditions through pre-configuration.

Maximizing fee-based revenue: The platform also allows Vietcombank to offer differential charging to the customers through flexible charge engine available. Growing customer base coupled with flexible charging capabilities enables the bank to It would also enable the bank to earn higher margin in the form of float income by providing an access to low cost funds.

Integrated approach to operational excellence: An integrated platform will bring in process optimization, higher automation and STP capabilities ensuring increased operational efficiency through centralization of functions and rapid issue resolution.

Integration of several functionalities, hitherto handled by multiple systems such as VCB-iB@nking, core banking, new payments hub system and integration with 40+ tax payment interfaces are all now into one integrated PCM platform that will result in easier and less expensive maintenance and upgrade costs in the future.

Extended channel capabilities for corporate customers: The mobile-ready platform allows Vietcombank to provide tailored experience to its customers at no extra-cost and empower them with simple yet so effective Do-It-Yourself features with minimum intervention from the bank which results in increased wallet share.

Local market-ready: This helps Vietcombank to pre-configure the product as per local market requirements thus enabling the banks to adapt to new markets with much ease. This covers true multi-entity, multi-currency, multilingual (supports Vietnamese language on screen and in reports) and local payment rails. As a result, products can be quickly launched to offer value-added services to the bank's customers.

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.475.7 as compared to the previous close of Rs. 467.15. The total number of shares traded during the day was 35455 in over 1067 trades.

The stock hit an intraday high of Rs. 483.85 and intraday low of 463. The net turnover during the day was Rs. 16814672.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com


Other Headlines:

Welspun Corp Ltd to create Pipe and Steel verticals

PI Industries Limited to acquire API business division of Ind Swift Laboratories Ltd

MOFSL books Rs. 114 crores profit through sale of equity investments in GR Infraprojects Limited

Evexia Lifecare Limited receives initial plant layout permission from FDA

Info Edge India Ltd invests Rs. 7 crores in 4B Networks

Torrent Power acquires 50 MW Solar Power Plant from Lightsource bp and UKCI

JK Tyre's subsidiary Cavendish Industries Ltd, Q1FY22 Revenues stood at Rs.687 crore, up by 112%

HCL Named a Leader in 2021 Application Modernization and Migration Services Analyst Report

IndiGrid steps up quarterly distribution by 6% YoY

Sunteck Realty Ltd Q1FY22 consolidated net profit at Rs. 3.02 crore

PI Industries Ltd Q1FY22 consolidated PAT up at Rs. 187.2 crores

DiGiSPICE Technologies Ltd Q1FY22 consolidated loss at Rs. 2.42 crore

Britannia Industries Ltd posts consolidated PAT of Rs. 389.55 crores in 1QFY22

Tokyo Finance Ltd Q1FY22 loss at Rs. 3.45 lakhs

Tinna Rubber and Infrastructure Ltd Q1FY22 consolidated PAT climbs to Rs. 3.69 crore

WeP Solutions Ltd Q1FY22 consolidated PAT at Rs. 13.96 lakhs

Jindal Saw Ltd Q1FY22 consolidated PAT slips QoQ to Rs. 152.10 crores

KEC International Ltd Q1FY22 consolidated net profit falls to Rs. 46.14 crore

NELCO Ltd Q1FY22 consolidated net profit at Rs. 4.38 crore

Equitas Small Finance Bank Ltd Q1FY22 PAT declines to Rs. 11.92 crore

Yaarii Digital Integrated Services Ltd Q1FY22 consolidated

Finolex Industries Ltd Q1FY22 consolidated PAT drops QoQ to Rs. 145.52 crores

Dalmia Bharat Sugar and Industries Ltd reports Rs. 124.34 crores consolidated PAT in Q1FY22

GI Engineering Solutions Ltd Q1FY22 PAT at Rs. 2.90 lakhs

Ador Fontech Ltd Q1FY22 consolidated PAT at Rs. 6.25 crore

SORIL Infra Resources Ltd reports consolidated net profit of Rs. 0.53 crore in Q1FY22

NGL Fine-Chem Ltd Q1FY22 consolidated net profit jumps to Rs. 19.12 crores

Macrotech Developers Ltd Q1FY22 consolidated PAT at Rs. 160.91 crores

Indo Amines Ltd Q1FY22 consolidated PAT slides QoQ to Rs. 7.12 crore

COSYN Ltd Q1FY22 consolidated loss at Rs. 72.92 lakhs

Master Trust Ltd posts Rs. 12 crore consolidated PAT in Q1FY22

Basant Agro Tech India Ltd Q1FY22 net profit climbs to Rs. 5.16 crore

Welspun Specialty Solutions Limited reports Q1FY22 results

Shriram Transport Finance Company Ltd Q1FY22 consolidated PAT at Rs. 169.94 crores

Allied Digital Services Ltd Q1FY22 consolidated PAT up at Rs. 4.66 crore

Veto Switchgears and Cables Limited announces Q1FY22 results

Hero MotoCorp commences retail operations in Mexico

JK Paper Limited board approves investment, acquisition

Asahi India Glass Limited and Ahmedabad based Vishakha Group announces partnership

India Grid Trust declares distribution of Rs. 3.1875

United Shippers Limited to transfer Marine Transport and Logistics business through slump sale

V-Guard Industries Ltd forms V-Guard Consumer Products Limited

NSE IFSC lists Indian Railway Finance Corporation's Foreign Currency Bonds and Green Bonds

DRC Systems India Limited announces Q1FY22 Financial Results

Dr. Lal PathLabs Ltd Board declares Interim Dividend of Rs. 6

Zydus Cadila receives final approval from USFDA for Fulvestrant Injection

Allcargo Logistics expands in Europe with ECU Worldwide - Nordicon joint venture

Chandra Prabhu International Ltd Q1FY22 PAT rises to Rs. 7.28 crore

Nazara Technologies Ltd posts Rs. 5.3 crore consolidated PAT in Q1FY22

Rossari Biotech Ltd Q1FY22 consolidated PAT higher at Rs. 24.52 crores


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020