Finastra successfully migrates VPBank to innovative modern treasury system
Finastra has helped VPBank separate its treasury operations from its legacy core banking system with Finastra’s 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 improving operational efficiency through automation.
“As an innovation leader in Vietnam’s banking sector, the digitization and modernization 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. When we initially went live we managed to run our close of business operations without any exceptions for the very first time. This was far beyond our expectations and a result of Finastra’s dedication, skill and hard work.”
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 can be easily integrated with existing systems and applications.
Fusion Risk provides a fully automated, end-to-end IFRS9/CECL solution. Integrated out of the box with Finastra’s core banking, lending and trading solutions, it delivers impairment and credit risk modelling.
“This implementation marks the first time VPBank has separated the management and accounting of a whole group of specialized 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 utilize Finastra’s latest integration platform, Fusion Fabric Connect, which consolidated all connections to a centralized hub, controlling the interface data quality in a fast, effective and intuitive way. Close co-operation between Finastra’s Services team and VP Bank paved the way for a smoothly run project which was completed on time and only required around half of the people resources originally budgeted for, leading to a significant saving.”