Technological and Commercial Joint Stock Bank, or Techcombank officially has launched the banking switching software and card management system solution (SMS) between this bank with Compass Plus (Russia) on December 13 to help simplify card procedures of clients and increase confidentiality of card details and transactions, said a source from Techcombank.
Accordingly, Compass Plus will carry out the switching software system and CMS for Techcombank.
Under the contract, Compass Plus will provide a switching software and Full Function SMS to ensure the construction of a perfected SMS. This software is compatible with Corebanking of Temenos (Swiss) that is being used by Techcombank and many local banks.
“As launched, this software will ensure the linkage with the SMS of other banks more conveniently. Techcombank is the first bank that has launched this service in Vietnam,” said a Techcombank official.
Nguyen Duc Vinh, general director of Techcombank said that “this technology will reduce tensions for banks when linking with the card switching system with Techcombank, and it also helps us carry out our own banking products but not affect the common ATM connection system. Therefore, wanting to build a strong alliance to prop up foreign banks and it is time Vietnamese banks had to find individual characteristics for themselves especially the bankcard market—one product that is accessed as strategic of Vietnamese banks in the international integration process.”
In the next three months, this product will help clients with the processes of supervising, issuing and managing cards quickly. In addition, this software also increases secrecy maintenance for bankcards of all kinds.
Techcombank is the first joint stock commercial bank that connected ATMs with Vietcombank. The implementation of this technology will help Techcombank speed up the process of connecting the card systems with other banks and even the Vietnam Financial Transfer Joint Stock Co (Banknetvn).
The network of Vietcombank has issued over 17,000 cards with 700 card points of sale machines and ATMs.
Compass Plus Limited (Russia) operates in the business of developing, selling, implementing and supporting electronic fund transfer (EFT) software products and solutions for use in banks, retail and service outlets, interactive bank self-service systems, telebank systems, mobile and electronic commerce and other domains where EFT technology is employed. Compass Plus Limited provides over 40 customers in 11 countries of Europe and Asia with leading-edge financial transaction processing facilities.
Compass Plus is now the partner of international card organisations and software producers such as Microsoft, Compaq, Visa Card International, MasterCard International, NCR, Hypercom, Oracle and some others.