Summary
The Vietnam Public Joint-stock Commercial Bank (PVcomBank) is one of the Vietnamese banks riding the growth wave (link resides outside of ibm.com) with 15 trillion VND ($631.18 million) invested in digital transfers. S&P Global reported (link resides outside of ibm.com) that the banking sector is projected to grow between 12% and 14% from 2024 to 2026 to support the annual GDP of 6.5%. PVcomBank had actively upgraded its IT infra and equipped employees to meet the growing and diverse client demands.
To stay ahead of the curve, the bank consulted IBM to get an understanding of the current landscape to be an active participant in the digital economy. This led to transforming its legacy infrastructure with an agile and scalable Enterprise Service Bus (ESB).
About PVcomBank
The Vietnam Public Joint-stock Commercial Bank (PVcomBank) is a fully licensed and regulated bank in Vietnam with comprehensive banking products and services. It has assets exceeding VND100,000 billion and a network of over 100 transaction offices in major provinces and cities in Vietnam. The bank provides a wide range of financial products and services include digital bank, insurance, loan, corporate credit and account services for its individual and corporate clients. For more information, visit: www.pvcombank.com.vn
Integrated and connected infrastructure
We deployed ESB on IBM Cloud Pak for Integration (CP4I) on Red Hat OpenShift to rearchitect data models, convert connection handlers, implement message routing and modify communication protocols to manage the complex composition of requests. The integration of front-end applications to the backend system on CP4I improved performance and transaction capacity. It also connected apps in the cloud and on-premise without comprising data integrity.
“The seamless integration between the systems increased transaction processing and performance by 20% resulting in 30% time and resources savings,” said Trinh Vinh Hien, Deputy CIO, PVcomBank.
He added that the IBM CP4I enhanced the digital transformation journey and integration of interactive applications with users into the auxiliary system, which enabled PVcomBank to deploy new business initiatives quickly.
Results
A cohesive platform built for tomorrow
The modernisation journey has put PVcomBank in a strategic position to grow and expand its marketshare beyond in Vietnam. CP4I also enabled the bank to lay the foundation for an Open Banking API platform to build core competencies for today and in the future.
“Collaboration with IBM is key success factor. Coupled with our experience in ESB, API Management, ECM, Workflow, Safer Payment, we are committed to bring the latest IBM innovation to our clients in the banking industry and more in Vietnam,” said Nguyen Quang Minh, CEO, Seatech.
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