EMV MasterCard First for Vietnam Thanks to WAY4
VPBank – The Vietnam Bank for Private Enterprises – has become the first EMV chip card issuer in Vietnam. It has introduced its own-branded Platinum EMV MasterCard credit and debit cards for customers throughout the country where it is expanding its network and aims to have 100 branches and transaction offices by the end of 2007.
July 27, 2007 - Vietnam
The EMV chip cards are issued and acquired on the bank's in-house system - built on WAY4 CMS and Switch solutions. Mr Le Dac Son, General Director of VPBank said: “We chose WAY4 for our new Platinum card products because of its exceptional flexibility and its use of the latest technologies.”
Asia's banking environment requires a high level of flexibility in product configuration and management so that banks can actively adapt their wide product ranges to fit the specific needs of their customers. And new technologies such as EMV allows VPBank to provide the high security levels which platinum products need.
Having implemented its first EMV project in 2001, OpenWay remains one of the leading processing solution vendors to have successfully deployed this new technology.
VPBank, established in 1993, runs 75 branches and transaction offices. That number will rise to 100 by 2007 year’s end. Its assets reached VND12 trillion (US$750 million) in June 2007. In the first quarter of the year, VPBank was listed by the Navigos Group and AC Nielsen of the US as one of the two Vietnamese banks among the top 50 businesses in the country in terms of working environment and personnel management. It was regarded by the State Bank of Viet Nam to be one of the best banks among all commercial joint stock banks in northern Viet Nam.
OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.
OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.
Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.
Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:
- Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
- Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
- SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
- Comdata, USA (commercial cards on WAY4)
- Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
- Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
- Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
- Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
- Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.
OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.