Finastra Upgrades VPBank’s Legacy Core Banking System For Treasury Operationsby Fintech News Singapore August 27, 2020
Finastra has helped VPBank separate its treasury operations from its legacy core banking system with its Fusion Kondor and Fusion Risk solutions. Delivered through Finastra’s Fusion Adopt implementation program, this move to a modern system will enable the bank to grow its financial markets division by developing new complex products and improve operational efficiency through automation.
“As an innovation leader in Vietnam’s banking sector, the digitisation and modernisation of our business is a key priority,”
said Pham Phu Khoi, Head of Financial Markets Division, VPBank.
“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.
Fusion Kondor enables banks to trade high volumes of treasury while offering the flexibility to support more complex derivatives, options, and structured trades. The solution claims to be easily integrated with existing systems and applications.
In addition, Fusion Risk provides a fully automated, end-to-end IFRS9/CECL solution to deliver impairment and credit risk modelling.
“This implementation marks the first time VPBank has separated the management and accounting of a whole group of specialised and complex banking products from its core banking system,”
said Wissam Khoury, SVP & GM, APAC & MEA, Finastra.
“This project was also the first in the world to utilise Finastra’s latest integration platform, Fusion Fabric Connect, which consolidated all connections to a centralised hub, controlling the interface data quality in a fast, effective and intuitive way.”