FDB – FPT Digital Banking System – The key to digital technology in banking

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FPT Digital Banking System is the key to technology applications in banking, and also the most apparent trait in the race to banking modernization. After years of experience as the Core banking deployment partner for international brands as well as Vietnamese banks, FPT has successfully developed a Core banking platform, made by FPT Information System (FPT IS), as well as has created other specific features for commercial bank, for the ultimate aim of Digital Banking.

Born from hard-earned experience

After years of experience as the Core banking deployment partner for international brands as well as Vietnamese banks, FPT IS deployment teams still struggle at meeting demands for satisfaction and customization. The major hardship lies in adjusting the core according to user demands, at some point finding a solution seems to be impossible, costing FPT IS as well as the customer a great amount of time and money. This leads to FPT IS undying will to find a solution to modernization at Vietnamese banks, as well as optimizing application of technology to banking procedures.

Previously, FPT IS had introduced Smart bank system – once deployed at various domestic and international bank. Yet, FPT IS still wishes to build an optimal and purely Vietnamese Core banking system, made by Vietnamese people alone.

Right during nurturing this dream, FPT IS scored chance to deploy Core banking for the State bank of Vietnam. Even under tremendous scale and work required for this project, the project team had answered to user demands and successfully developed a Core banking platform, made by FPT IS for the State bank. From here, the team continues to research and develop more specific features for commercial bank, for the ultimate aim of Digital Banking. And this leads to the birth of FDB in June 2019.

Optimal right from the Front to Back platform structure

FDB is a breakthrough in Digital Banking, bringing forth a multi-module system, from Front to Back. It allows management both business customers and individual customers, with all modules possible to be integrated in on Core-banking product, or separated to different systems. Customers can therefore choose which modules they want to use, and results are as such variant. An FDB system includes:

– System management: comprehensive features for configuration and systement management. Allow settings for user and right management, as well as notification functions.

– Front office:

  • Teller app: for banks’ Front departments like CIF, general information, credits, loans, transactions, commercial sponsors, FX…
  • Internet banking: for business and individual customers via the internet like account information, credits, loans, transactions, commercial sponsors…
  • Mobile banking: for business and individual customers via Mobile like account information, credits, loans, transactions, commercial sponsors…

– Back office: reporting management of transactions form Front office, as well as allows transactions under Back. Supports reporting following both VAS and IFRS.

– Middle office: limit control, deposits, and integration gates.

With its modern platform technology, FDB allows users to drag-and-drop, report functions, screens, and reports in a flexible manner. These functions are not only helpful to FPT developers, but also to bank employees in easy and quick alterations of set and built-in functions, or even buildings of new ones. As a results, adjustments, building, deployment, and operations can be done in a much shorter period time compared to systems from foreign firms.

User-friendly display

FDB’s display is somewhat inspired by Microsoft Office – a familiar system to most users. As such, the display is friend and easy to use, and users will not be too confused during switching from their old systems, reducing many banks’ hesitation in moving to the new system. Furthermore, each user can alter the display to their will with the adjusting functions, and can choose to hide/choose information at demand.

Providing customers with conveniences and fresh, modern Omni Channel banking experience, where they can freely choose the transaction channels, experience around and manage their finances at every time, from everywhere.

Modernization from parametrization

FDB is designed on a comprehensive parametrization model, made apparent in:

  • Non-static GL system: Users can report/adjust input data for reporting, or regimes and conditions involved, depending of different banking procedures. VAS and IFRS are both supported in FDB, which is uncommon among similar systems. The friendly display also easily allows user to add or adjust accounting frameworks and regimes in real-time. Users can therefore track and search accounting tasks immediately, instead of only at the end of the day like other systems. As a result, work will not be focused to one period of time, and errors that leads to sheets being unbalanced will also be reduced. In fact, after its deployment at the State Bank of Vietnam, most employees had given positive feedback to the GL system as they can finish work much earlier than before.
  • Limit management model for customers are flexibly parametrize: Users can set their own limits on different factors like Capital structure (Short/Mid/Long-term), Dealer limit, customer limit, approval limit for different products… The system also allows Share/Non-share classification of customers, tasks, products, monetary assets, terms… building different sets of limits to different products and product types is also possible. Banks can notify customers of their limits, based on demands, regimes and time. The centralized nature of the system also means that users can easily access full information of customers’ limit, without needing to gather information from multiple sources, therefore reducing errors.
  • Flexible features for setting fee/tax/commission: Users can set fee/tax/commission for different modules, products, customers with varying formulas, like step costing or straight line costing. Furthermore, adjustment for different transactions are also allows, making the procedure easier for any possible special cases.
  • Case-based interest rates, where users can choose factors involved in interest calculation.
  • Non-static reporting of amount of approved transactions: Users can set their own numbers that varies with functions, ensures verification for different transactions at different banks. Limit for approval level can also be set in accordance to rights and responsibility allowed for each employee.
  • Flexible system connection management via parametrization functions: Creating ofconnection vendors (Swift, Napas, Citad, VnPay, OnePay, Payoo, ERP, e-banking, card…), support different connection methods (Web service, Socket, FTP, FIX…), manage and report electronically per service, making on-screen tags and apply them to create non-static services for easy building upon incurrence.
  • Reporting functions for promotions and discounts: These are uncommon among Corebanking systems, which allows management and deployment of marketing campaigns to raise revenue for banks.
  • Flexible product building from parameters, applying parameters/tables to different products through time and trend of banks. Allows flexible accounting for each transaction.
  • Classification of CIF customers to different categories, divide customers and customer relationships in accordance with Circular 36. Allows management of stamps and signatures, blacklists, block imports…
  • Real-time cashflow calculation system that allows real time valuation of foreign currencies, control of capital, and real-time PnL calculations, all for efficient cashflow management.

FPT Digital Banking System is the key to technology applications in banking, and also the most apparent trait in the race to banking modernization. It is bringing numerous convenience to customers, at the same time elevating Vietnam to match the global economy.

Do Ly – FPT Information System

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