MONT-SAINT-GUILBERT, Belgium, June 25, 2024 /PRNewswire/ -- The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), the largest bank in Vietnam by assets ($72 billion), has chosen OpenWay, an acclaimed payment technology vendor, to spearhead its digital transformation project. This collaboration replaces BIDV's card management and payment systems with OpenWay's top-rated Way4 digital payment software platform.
The project addresses the challenges of BIDV's fragmented, outdated systems and the complexity of managing numerous satellite applications. To deliver a superb, fully digital customer payment experience, the bank sought to migrate its extensive portfolio of millions of cards, and thousands of ATMs, and POS devices to a modern infrastructure. By migrating to the Way4 platform, BIDV will swiftly launch innovative products, minimize costs, enhance customer satisfaction, and reduce development time.
This digital transformation is part of BIDV's broader strategy to become the leading financial institution in Southeast Asia and the bank with the best digital platform in Vietnam by 2030. It will establish a centralized, modern payment system with open architecture, comprehensive APIs, and flexible parameterization capabilities. The Way4 technology stack plays a key role, renowned for its end-to-end online payment processing functionality and rule-driven, digital-first approach. By adopting Way4, BIDV will increase flexibility, achieve operational excellence, and expedite the rollout of digital products and services.
The new system will leverage Way4's issuing, acquiring, and switching capabilities, managing the full card and merchant management lifecycle. This includes account management, value-added services, fraud prevention, dispute resolution, health monitoring, high availability, and tokenization.
BIDV's CEO, Mr. Le Ngoc Lam, states: "Investing in a new payment system is part of our commitment to become a fully digitized, technology-based retail bank. We highly appreciate OpenWay's capabilities and experience in the CMS's market."
Mr. Rudy Gunawan, Managing Director of OpenWay Asia, comments: "We are committed to ensuring the success of this project by engaging the best regional and global experts, along with our senior engineers with extensive migration experience. Our knowledgeable team will support BIDV through each project phase, ensuring flawless execution and alignment with the project's demands."
This important milestone marks the beginning of BIDV's transformation of its card payment system, a journey filled with challenges and aspirations. This collaboration is crucial for leveraging each other's strengths to deliver superior, advanced payment solutions to customers.