INDUSTRY WATCH
transportation use and their movement patterns on a daily basis .
Such insights enable the bank to decide how to best arrange its teams and minimize the risk of COVID-19 exposure to its employees .
Finally , Bank Mandiri is also using the Cloudera-powered Big Data platform to accelerate the debt restructuring process . This allows the bank to maintain its service level agreement with customers as the platform helps analyze factors that can speed up the debt restructuring process .
“ Agility defines the ability of an organization to respond effectively to COVID-19 so that it becomes a more robust company in the future . And the insights derived from the data is the main driver of agility ,” said Remus Lim , Managing Director of ASEAN and India , Cloudera .
“ Bank Mandiri has proven that taking a data-driven approach is crucial in addressing the impact of COVID-19 on the banking business and customers . Cloudera ’ s data platform has assisted Bank Mandiri in handling the complexities of data management and supporting multi-function analytics amidst changing situations , without compromising on security , governance and compliance with the prevailing regulations .” •
Finastra successfully migrates Vietnam ’ s VPBank to innovative modern treasury system
Finastra ’ s Fusion Kondor and Fusion Risk solutions will help bank to grow its financial markets division .
Finastra has helped VPBank separate
its treasury operations from its legacy core banking system with Finastra ’ s Fusion Kondor and Fusion Risk solutions .
Delivered through Finastra ’ s Fusion Adopt implementation program , this move to a modern system will enable the bank to grow its financial markets division by developing new complex products and improving operational efficiency through automation .
“ As an innovation leader in Vietnam ’ s banking sector , the digitization and modernization of our business is a key priority ,” said Pham Phu Khoi , Head of Financial Markets Division , VPBank . “ We also have ambitious plans for growth which our legacy core banking system could not support . Finastra ’ s modern , front-to-back treasury system has given us significant efficiency gains because we no longer need to manually execute treasury transactions , while we also benefit from greatly improved risk management capabilities .
“ When we initially went live we managed to run our close of business operations without any exceptions for the very first time . This was far beyond our expectations and a result of Finastra ’ s dedication , skill and hard work .”
Fusion Kondor enables banks to trade high volumes of treasury while offering the flexibility to support more complex derivatives , options and structured trades . The solution can be easily integrated with existing systems and applications .
Fusion Risk provides a fully automated , end-to-end IFRS9 / CECL solution . Integrated out of the box with Finastra ’ s core banking , lending and trading solutions , it delivers impairment and credit risk modelling .
“ This implementation marks the first time VPBank has separated the management and accounting of a whole group of specialized and complex banking products from its core banking system ,” said Wissam Khoury , SVP and GM , APAC and MEA , Finastra .
“ This project was also the first in the world to utilize Finastra ’ s latest integration platform , Fusion Fabric Connect , which consolidated all connections to a centralized hub , controlling the interface data quality in a fast , effective and intuitive way .
“ Close co-operation between Finastra ’ s Services team and VP Bank paved the way for a smoothly run project which was completed on time and only required around half of the people resources originally budgeted for , leading to a significant saving .” •
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