Vietnam’s BIDV Partners with OpenWay for Payment System Overhaul – Fintech Singapore

Vietnam’s Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced a partnership with OpenWay, a payment technology provider, to replace its existing card management and payment systems.

This initiative is a significant step in BIDV’s comprehensive digital transformation strategy.

OpenWay’s Way4 digital payment software platform will be at the forefront of this upgrade, aimed at enhancing BIDV’s infrastructure and streamlining its operations.

The bank plans to overhaul its legacy systems, which are currently bogged down by fragmentation and the complexities of managing various ancillary applications.

With the introduction of the Way4 platform, BIDV intends to expedite the launch of new products, reduce operational costs, and improve customer satisfaction by shortening development cycles.

This transition will involve migrating millions of cardholders and modernising thousands of ATMs and point-of-sale terminals across the bank’s network.

BIDV said that it is focusing on creating a centralised payment system that supports open architecture, extensive APIs, and adaptable configurations.

The Way4 technology, known for its robust online payment processing and digital-centric methodology, will enable BIDV to enhance its operational flexibility and speed up the introduction of new digital services.

Le Ngoc Lam

Le Ngoc Lam, BIDV’s CEO, said,

“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.”

Rudy Gunawan

Rudy Gunawan, Managing Director of OpenWay Asia, said,

“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.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/97666/vietnam/vietnams-bidv-partners-with-openway-for-payment-system-overhaul/