FPT IS launches core-banking system for SBV

The new corebanking, accounting, budgeting applications and system integration developed by FPT IS for the State Bank of Việt Nam (SBV) was officially launched on July 11 in Hanoi. The contract also has a large implementation scale and direct beneficiaries covering 17 departments and agencies, 63 SBV branches and 100 credit institutions.

The package is a part of a SG3.1 contract under the Financial Sector Modernisation and Information Management System project (FSMIMS) funded by the World Bank. This project is  considered not only a big technological leap for SBV but also a centralised system to handle automatic SBV operations.With the successful system implementation, the SBV has obtained a relatively complete modern system to help operate its monetary policy as well as manage internal resources.

The system consists of 5 components: Core banking, Enterprise Service Bus (ESB), Enterprise Resource Planning (ERP), Tender and Open Market Operations and Portal.

The system helps make some radical changes in SBV's business processes. In terms of professional competence, SBV staff need a single account to login all apps. The portal allows SBV staff to access all other systems without having to log in multiple times. In particular, credit institutions can access information related to the account, required reserves or make transactions without going to the bank. In terms of technology, the highly fault-tolerant system ensures that risks are minimized during operation; database is organized and centralized etc.