Sacombank partners Temenos to stay ahead of digitally-savvy customers
Sacombank implements Temenos Infinity to provide composable banking services and elevate the omnichannel experience for users
Sacombank, one of Vietnam’s leading private commercial joint-stock banks, continues its strategic partnership with Temenos, moving forward to execute the Infinity digital banking solution announced in November 2022.
Thach Nguyen Ngoc, head of Sacombank’s application operations centre, said the implementation of Infinity draws on its successful track record with Temenos. The bank plans to leverage the solution to elevate its digital banking services and create a seamless omnichannel experience for its retail and business customers.
The collaboration marks a significant milestone in Sacombank’s digital transformation journey, building on its long-standing relationship with Temenos that began in 2004 with the implementation of Temenos Transaction T24 R5 core banking system. This was followed by an upgrade in 2019 with the T24 R17 version.
Temenos developed Infinity as a versatile platform that enables financial institutions to deliver a seamless customer experience across multiple channels and devices. By integrating features and composable banking services built on microservices and accessible via application programming interfaces (API), Sacombank will be able to develop and deploy innovative products to keep pace with the evolving demands of increasingly tech-savvy customers.
According to Thach, Sacombank recognises the importance of embracing digital innovation to cater to the preferences and expectations of customers, offering timely and convenient digital experiences akin to those provided by leading fintech and e-commerce players.
It will integrate different channels and ecosystems of third-party applications, leveraging the Infinity solution as part of its digital transformation. It will make some 30 APIs available to connect over 250,000 corporate and enterprise customers for cash management, payments, credit, and other beyond-banking services.
The bank set up its digital transformation centre in 2021 to underscore its commitment to digital innovation. It claims leadership in several payment card areas with international card network processors Mastercard and Visa.
It is among the first banks in Vietnam to launch an international one-chip integrated card with debit and credit functions to provide direct outbound cross-border card-based payments and remittances, merchant acquisition, and network coverage in retail and commercial cards. It was also an early adopter of integrated payment technologies such as contactless international quick response (QR) and tap-to-mobile payments.
With Infinity, Sacombank plans to introduce fully digital customer onboarding and origination processes while improving the overall service experience for existing customers through digital channels. The open and composable design of the platform will enable Sacombank to collaborate with e-commerce providers, social networks, and other online services, to create a robust and interconnected cashless ecosystem.
By integrating Infinity with its existing Temenos core banking system, Sacombank will have complete front-to-back banking capabilities on a unified platform. This will streamline its operations, improve efficiency, and enable Sacombank to deliver a frictionless experience across all touchpoints.
Having successfully implemented Temenos core banking solutions in the past, Sacombank’s decision to partner with Temenos again marks its confidence in the company’s forte.
Institution: Sacombank, Temenos
People: Thach Nguyen Ngoc