Vietcombank Retail Banking System Products - Vision 2010 (Vcb- Vision 2010)

All transactions are performed instantly without any intermediary. Customers can perform transactions at the nearest ATM to use highly accurate automated services.

2. Vietcombank retail banking system products - Vision 2010 (VCB- Vision 2010)

From the perspective of centralized management, initially successfully implemented foreign currency and international payment, internal payment based on the response capacity of information technology combined with reference to the scope of implementation of the World Bank's banking system modernization project, the Bank for Foreign Trade of Vietnam soon realized the role and importance of information technology in prioritizing the development of basic business products, especially the business structure from the perspective of applying information technology as the basis for the development of banking products and services later. Therefore, in 2000, Vietcombank built the VCB-Vision 2010 retail banking system.

This product is truly considered the right choice for products and technology platforms developed based on American designs and adjusted to suit the characteristics of Asian banks, in order to meet the increasing demands for customer service quality. Thanks to VCB-Vision 2010, Vietcombank has standardized business types, processing procedures, shortening time for customers...

VCB-Vision 2010 was put into application because of its advantages in many new types of services: customers can simultaneously have the need to exchange money, receive money, and pay checks at the "one-stop" counter. Here, customers do not have to go through many transaction steps, saving time and effort, while bank employees must also improve their professional skills and service attitude towards customers. The automatic payroll service helps companies reduce the cumbersome accounting department and reduce the finance department, only need to transfer floppy disks and paper documents to Vietcombank.

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The salary will be transferred to each person's account. The automatic money transfer service saves time because it is not necessary to go to the bank to handle all payment work related to currency. At the same time, VCB-Vision 2010 also has the following basic features: smart choice with the goal of providing many solutions for diverse customer requirements. VCB-Vision 2010 helps to be more flexible by just one declaration, customers can easily and proactively change the system's processing method without the need for technical intervention. More specifically, VCB-Vision 2010 is highly suitable, capable of operating synchronously with the following systems: payment cards, international wire transfers, and automatic teller machines.

The successful implementation of this product, starting in 1999, not only changed the entire perspective from a traditional bank to the new perspective of a modern bank - with a customer-centric orientation - but also laid an important foundation for the development of modern utility products and services capable of competing with domestic and regional banks.

In addition, the right choice and successful implementation of the VCB-Vision 2010 product is also demonstrated by the fact that Vietcombank has gone one step ahead, leading in technology compared to other Vietnamese commercial banks.

With the motto of developing the country, building and modernizing the banking industry, creating all conditions for business and development of enterprises, the services and systems of VCB-Vision 2010 are aimed at liberating customers and bringing them many benefits. Customers can eliminate the troubles when coming to do transactions at the bank, feel satisfied and confident when being served with the fastest and most convenient time, will receive comprehensive services with high standards anywhere, anytime in many different forms, feel secure when depositing money in the bank thanks to the high security and safety of the system.

With such advantages, it is certain that in the near future, suitable projects similar to VCB-Vision 2010 will be widely applied not only within Vietcombank but also in many other banks. Customers will be more confident, comfortable and secure when coming to Vietnamese banks.

3. VCB-Online products and services

As part of the strategy to modernize banking services and bring modern banking services to customers, on May 15, 2002, Vietcombank officially launched VCB-Online service at Vietcombank's headquarters and branches nationwide.

VCB-Online service system is built and managed on the platform of Vietcombank Vision 2010 retail banking system, operating on the basis of online network and centralized data management. On this platform, VCB-Online service meets the increasing demands of customers, allowing customers to open an account in one place but transact at all Vietcombank branches and transaction offices nationwide. This is a very convenient system for customers, saving time, allowing customers to transact right at their company, office or home without having to go to the bank.

Customers use the e-banking system to transfer money from a non-term account to a term account or to an investment account with higher interest rates. Customers can use VCB-Online to make payments for services such as water, telephone, insurance premiums, etc. If it is a loan, VCB-Online allows customers to pay interest and principal through it.

VCB-Online service system is very convenient for customers when all transaction requests are carried out immediately without going through any intermediary steps. Investment cash flow through the bank will be more flexible and faster. Moreover, customers can make transactions themselves at ATMs.

ATMs are located at the nearest location to use highly automated services.

Exactly.

Once the VCB-Online system is put into use, it can be said that this is a ladder that shortens the transaction distance between the bank and customers, creates close relationships, saves time and improves business efficiency, and brings convenience to customers as a basic.

Thanks to the features of this system, a new and very convenient service will be provided to customers, which is e-banking. Vietcombank has built an electronic banking service based on completely new technology, suitable for the computer skills of most customers. E-banking allows users to manage their accounts at Vietcombank, promptly grasp the credits and debits.

Through Vietcombank's website (http://vietcombank.com

.vn) Vietcombank customers can use the password and username provided by Vietcombank to view the balance as well as daily and monthly developments immediately updated of any account at home or transfer money to a high-interest account without having to go to the bank.

4. Interbank electronic payment system of the Bank for Foreign Trade of Vietnam.

In 2002, Vietcombank officially deployed the interbank electronic payment system, which is the core foundation for developing e-banking services.

Interbank electronic payment (IBEL) is the process of processing interbank payments until the payment to the beneficiary is completed, carried out via a computer network. The IBEL system consists of two subsystems: the high-value payment subsystem (including high-value transactions and low-value but urgent transactions) and the low-value payment subsystem (processing low-value money transfer transactions).

In addition, the TTLNH system also provides solutions for transferring transaction money from the old electronic money transfer system and transferring clearing payments in the areas to the new system. High-value transactions are transactions with a value of over 500 million VND.

The interbank electronic payment system has outstanding advantages.

like:

- Provide customers with another option for money transfer

with the advantage of short transfer time with unchanged fee.

- Automatic payment, focusing on standardizing the payment system

payment, reduce money transfer time.

- Concentrate payment capital of commercial banks, increase available capital (because banks reduce required reserve capital), create conditions for commercial banks to use their capital most effectively.

- Minimize the bilateral payment account system (currently, due to the need for payment and capital transfer, banks have to open many accounts at other banks and credit institutions to serve bilateral and multilateral payments). This leads to complicated management of the bilateral payment account system. Capital sources of banks and credit institutions are dispersed.

Compared to the old money transfer systems, TTLNH has outstanding advantages in terms of technology and service. First of all, the cost of participating in this system for banks is relatively low, the requirements for machinery and equipment to participate in payment are minimal (only need a computer, a modem, a telephone line and a laser printer). The software program used for member banks has been localized so it is relatively convenient, easy to use, and simple to operate. In addition, the TTLNH system also provides a system security solution. Because the payment and accounting system is processed automatically, without human intervention, the security requirements of

The program is very high. The program has provided many security solutions.

layer, put electronic signature into use. This is considered a breakthrough

, is the first step of Vietnam's e-commerce industry.

On Vietcombank's side, with a modern banking technology platform along with in-depth investment and preparation in both human resources and programs, Vietcombank has caught up quickly since the first days of implementing the TTNH system. Up to now, after more than a year of operating the system, according to reports and assessments from the State Bank, Vietcombank is the leading bank in terms of turnover and number of transactions via the TTNH system. In addition, Vietcombank is also assessed as the bank with the best level of automation in processing transactions, performing the best conversion of data from Vietcombank's retail banking system to the TTNH system, achieving the goals set by the TTNH system.

Up to now, Vietcombank system has had more than 10 member units participating in the TTNH system. In the coming time, some more Vietcombank branches will participate as member units. Up to now, Vietcombank has built a complete internal accounting and payment process for transactions through the TTNH system, and also handled well the relationship between the central bank and branches in capital management and accounting for collection and payment in the TTNH. All TTNH transactions are immediately reflected in the deposit accounts of branches opened at the central level. Branches are completely proactive in performing transactions, payments and proactive in capital sources used.

By participating in the TTLNH system, Vietcombank is gradually moving towards the goal of standardizing the payment system and this is truly an important step in implementing e-banking services of the Bank for Foreign Trade of Vietnam.

5. Vietcombank cyber bill payment service (V-CBP)

To further actively deploy electronic banking services, and at the same time with the aim of bringing customers more conveniences, on August 26, 2003, the Bank for Foreign Trade of Vietnam officially launched an e-commerce service called "Vietcombank cyber bill payment" abbreviated as V-CBP.

V-CBP service allows customers who are account holders opened at Vietcombank or Connect 24 card holders to use the internet (via website: www.vietcombank.com.vn) or Connect 24 card and in the future will also be mobile phones to perform transactions:

- Pay phone bills

- Transfer money

- Insurance premium payment

- Pay other service fees such as internet, electricity, water, etc.

- Pay for goods at supermarkets, stores...

With V-CBP, Vietcombank's payment system is connected online with the system of goods and service providers, facilitating online transactions, quickly (transaction processing time is only in seconds) and especially safely and accurately. Thanks to its outstanding features, V-CBP will act as a connecting channel between service and goods providers and consumers, maximizing the role of financial intermediary of the bank. The development of non-cash payments will contribute to gradually changing the habit of preferring cash in payments of the majority of the population, reducing social costs, improving the State's ability to manage currency, and at the same time increasing Vietcombank's competitiveness in the increasingly deeper integration process of the Vietnamese economy. Moreover, V-CBP also creates the premise for the development of business-to-business, business-to-customer e-commerce services... in Vietnam.

Connecting with V-CBP service, service and goods providers will save on labor costs, headquarters, costs for keeping, transporting and preserving cash. At the same time, the efficiency of capital use of service and goods providers will be improved, because as soon as customers make payment orders through V-CBP, money will be transferred directly to the accounts of these units and start generating interest.

On the consumer side, when using V-CBP, they will be able to proactively pay for service fees, pay for goods anywhere, anytime, conveniently, quickly and safely, without having to pay transaction fees and service registration fees.

According to the contract between Vietcombank and its partners, initially, customers can pay fees to service providers such as: Ho Chi Minh City Post Office, Prudential Life Insurance Company, AIA Insurance Company. In the near future, as agreed with the partner providing technology solutions CDIT, the number of service providers in the area connected to V-CBP will soon be expanded.

Currently, there are more than 120,000 personal accounts opened at Vietcombank, of which nearly 10,000 accounts have participated in internet banking services and 87,000 are Connect 24 cardholders. Up to this point, nearly 3 million transactions using Connect 24 cards have been made and the turnover of this card has exceeded 1,500 billion VND 1 . The Connect 24 product has just been officially recognized as one of the products voted for the Vietnam Golden Star Award in 2003. And according to the announcement of the organizing committee, Vietcombank - the unit with the Connect 24 card product will be honored to be one of 20 units with products and brands winning the award to receive the award at the official award ceremony on August 28, 2003. It is expected that the launch of V-CBP service today, along with the program to increase the number of ATMs to 200 by the end of 2003, will develop services and utilities for card users, and encourage the expansion of units.

1 Information from website: http://www.tintucvietnam.com August 26, 2003

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