BIDV successfully converted to modern Way4 card Core system
Last November, BIDV and the FPT - OpenWay consortium completed the project of converting the card payment system (core card) to the Way4 platform - after 18 months of implementation.
The card payment system (Card Core) on the Way4 platform is one of the world's leading payment solutions. This is considered one of the most complex comprehensive technology upgrade projects in the banking industry, the project helps BIDV improve transaction processing capacity, shorten the time to launch card products and services and consolidate its leading position in the field of modern payments.
Aiming to become a technology-based retail bank, a pioneer in innovation, in the Retail Banking development strategy for the period 2021-2025 and the Digital Transformation Strategy 2021-2025, vision 2030, the card payment system conversion project (Core card) is considered by BIDV as one of the key tasks, creating a foundation to open a new era of operations for the bank's card operations.
Before the project was implemented, BIDV's Core Card system had been operating quite stably on the Cadencie platform and had ensured efficient and accurate transaction processing for many years. However, with the rapid pace of technological change and increasing customer demand, the current system is difficult to meet expectations for the next stage of development. Upgrading to a new platform is an inevitable choice for BIDV to maintain its competitiveness and provide a superior transaction experience in the future.
The new Way4 Core Card System is deployed according to a centralized management model, applying open architecture with flexible configuration capabilities, thereby facilitating the expansion of functions and the development of new services. The completion of the transformation is not only significant in terms of technology, but also lays a solid foundation for BIDV to accelerate the deployment of modern payment products and services, while improving the quality of customer service. With Way4 - a highly flexible platform with the ability to connect deeply with the digital ecosystem - BIDV can proactively design, test and put new products into operation effectively, safely and promptly meet market needs.
For customers, the transition to the Way4 Core card system brings about a comprehensive change in the card service experience journey at BIDV. Customers can easily issue cards online, add cards on Apple Pay Wallet, Google Pay and be ready to spend without having to wait. Moreover, the customer experience on digital channels such as SmartBanking and BIDV Direct is also significantly improved, helping customers manage cards and transactions in an intuitive, fast and consistent way across BIDV's entire digital ecosystem.
The project was officially launched on May 10, 2024 and was implemented in 18 months - a record progress for a project of similar scale - with three phases: Phase 1: Converting the Switching System and integrating with four (04) international and domestic card organizations in 5 months; Phase 2: Converting the Card Management system and integrating the new Core card system with the bank's Legacy applications; Phase 3: Converting more than 2,000 ATMs/CRMs to integrate the new Core Card in 3.5 months and completing the Prepaid Card system in 1.5 months.
BIDV's card payment system conversion project is considered one of the largest and most complex technology conversion programs in the banking industry. The project directly involves millions of customers, integrates with a large number of BIDV legacy applications, and a large network of partners from Napas, international card organizations to e-wallets and affiliated banks. The project team converted 27 million records with 12,000 data fields to ensure accuracy, safety and stable and continuous service maintenance.
After the initial period of operation, the new Core card system has recorded outstanding transaction processing speed; maximum streamlining of procedures; enhanced card security. In addition, BIDV has also achieved impressive results when launching many new card products to meet the needs of traditional customers as well as on digital channels.
The project is implemented with close cooperation between FPT - the implementation partner, and OpenWay - the provider of the Way4 platform, the world's leading card payment system, outstanding in performance, stability and scalability. Way4 allows BIDV to manage the entire card lifecycle, process switching and accept payments, and support e-wallets, digital banks and multi-channel payment services, creating a solid foundation for a series of advanced digital payment products.
Speaking at the project closing ceremony, Mr. Le Ngoc Lam - General Director of BIDV - Head of the Project Steering Committee shared: "The Core Card project is a strategic step in BIDV's digital transformation roadmap. BIDV highly appreciates the implementation capacity of the FPT and OpenWay joint venture - a team that combines technological capacity, in-depth understanding of Vietnamese banking operations and systems, and experience in implementing the world's leading payment platforms".
On FPT's side, Mr. Tran Dang Hoa - Chairman of FPT IS, FPT Corporation expressed: "With more than 30 years of accompanying BIDV and experience in implementing many large-scale banking and financial projects, FPT always aims to build a solid and optimal technology platform for banks. In the Core Card project, we not only ensure the accuracy, safety and continuity of the system but also advise, standardize processes and introduce innovative solutions suitable for the specific characteristics of Vietnamese banking operations. The success of the project is a testament to the strategic cooperation capacity between FPT, OpenWay and BIDV. Along with initiatives on green transformation, Core Banking, BIDV Tradeflat platform and many other business systems, FPT wishes to continue to accompany to create sustainable value for BIDV and customers".
Mr. Rudy Gunawan - Member of the Board of Directors of OpenWay Group, General Director of OpenWay Asia said: “This is one of the largest and most complex but best-managed projects that OpenWay has ever implemented in Vietnam and the region. BIDV has outstanding management capacity, while FPT implemented effectively, helping to complete the project in just 18 months instead of about 30 months as usual. With the modern, flexible and scalable Way4 Core card platform, we believe BIDV has in hand an advanced card ecosystem to continue to lead in payment products, improve customer experience and promote digital transformation strategy”.
The BIDV Core Card project is not only a technical success, but also marks an important step forward in the bank's digital transformation roadmap, creating a modern, flexible platform, ready to meet the increasing needs of customers.
About BIDV: Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV), established in 1957, is one of the largest banks in Vietnam. With a wide network and an increasingly digital operating model, BIDV is accelerating internal digital transformation to improve efficiency, optimize costs and bring better experiences to customers. The bank's strategic goal for the 2025-2030 period is to become "Large - Strong - Green", a leader in technology, sustainability and green development.
About FPT: FPT is a global technology corporation, present in over 30 countries, including many companies on the Fortune Global 500 list. With over 37 years of experience, FPT is a pioneer in digital transformation, providing comprehensive technology solutions to help businesses and organizations optimize operations, improve productivity and increase sustainable value. In the field of banking and finance, with 30 years of accompanying Vietnamese financial institutions and banks, FPT possesses the capacity to consult, integrate and provide advanced technology solutions for leading banks in Vietnam and the region.
About OpenWay: OpenWay Group is a global digital payment platform provider, developing and maintaining the Way4 solution, used by over 500 financial institutions and fintechs in over 100 countries. Way4 stands out with its open architecture, high flexibility to scale and innovate products (supporting thousands of transactions per second), with many integrated modules All-in-one in 1 single system such as card issuance, payment acceptance, switching, e-wallet and multi-channel payment.