VPBank and Finastra win Best Treasury Management Implementation Award for reducing risks and data control through efficient operations platform
- Implementation of a new treasury system for VPBank in 13 months
- The system reduced operational risks, added control and transparency to data, and recorded all life events of a transaction to support internal entity action
- The system helped the bank achieve 10% growth in treasury products and about 20% treasury revenue in 2020
28 October 2020, Singapore — Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Finastra were awarded Best Treasury Management Implementation at the Financial Technology Innovation Awards 2020 presented by The Asian Banker.
Implementation of a new treasury system for VPBank in 13 months
Finastra implemented a new treasury system for VPBank. The system helped the bank to enhance efficiency in treasury management, capacity of operation, as well as in risk management. It also provided auto integration with Reuters Trading Platform, Bloomberg Trading Platform, Reuters Deal Tracker, In House FX Front office for Customer (FXFO), and Funding Register.
The system reduced operational risks, added control and transparency to data, and recorded all life events of a transaction to support internal entity action
The system provided capability in controlling and minimising operational risks. Finastra deployed advanced technical platforms and integrated the Data Warehouse (DWH) model according to the latest standards of the bank. VPBank’s treasury project separated the management and accounting of a whole group of specialised and complex banking products from the core banking system into an external specialised system, and fully integrated all journal entries for all these products directly to SAP GL.
The system helped the bank achieve 10% growth in treasury products and about 20% treasury revenue in 2020
The implementation of the new treasury system for VPBank allowed the bank to save 30% of time and increase its capacity to 25%. The bank recorded 10% growth in treasury products while its treasury revenue is expected to grow by 20% in 2020.
Finastra’s Peter Crossley, global services director, in accepting the award said, “Today is a tremendous celebration of a successful strategy that gave customers broader participation in markets that enable them to grow’.
For video of the Financial Technology Innovation Awards 2020 Virtual Ceremony, please click here.
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