Source: Open Solutions
Asia Commercial Bank (ACB) announced it has signed an agreement with Thien Nam Information Technology Company, an international reseller of banking and financial processing systems, to upgrade its core processing platform to the latest release of Open Solutions Inc.'s The Complete Banking Solution, a relational, enterprise-wide data processing solution.
Open Solutions Inc., a leading provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets, recently signed an international reseller partnership agreement with Hanoi, Vietnam-based Thien Nam Information Technology Company.
Headquartered in HCM City, Vietnam, Asia Commercial Bank has more than $1.7 billion in assets, 84 branches and 658,000 customers. ACB originally converted to Open Solutions' TCBS platform in 2001 through a private label reseller agreement that the company had had in the region. Processing independently since that time ACB will be upgrading to the company's latest release now that Open Solutions has begun to directly market within the Asia Pacific marketplace. The bank cites Open Solutions' advanced technological capabilities, including the sophisticated database and scalability of the platform as the primary reasons for upgrading to the latest release of its popular platform.
The partnership with Thien Nam further expands Open Solutions' presence in Asia. Thien Nam joins Open Solutions growing list of international resellers such as Thailand-based SLC, Canadian-based Celero, India-based R Systems Inc. and Asian-based CSII.
Under the terms of the agreement, Thien Nam will offer Open Solutions' products within Asia and will sublicense Open Solutions' relational enterprise data processing solution and integrated ancillary products, serving as a nonexclusive distributor. Thien Nam will be responsible for implementing, customizing, localizing and supporting the products covered by this agreement.
Director of Thien Nam Information Technology, Nguyen Tran Tuan Anh said, "We believe our partnership with Open Solutions will further enable Thien Nam to offer our clients and prospects a better alternative to meet their core banking needs. Additionally, we will tap other Open Solutions' products and technology offerings to enhance our client's competitiveness and business growth."
"Our bank has relied on TCBS for several years and as a result, we have made significant improvements to our operational procedures and have enhanced our customer service," said Dr. Le Vu Ky, chief information officer and vice president of Asia Commercial Bank. "We are pleased to continue our engagement with Open Solutions knowing that we will continue to rely on the most advanced technology and innovative business practices, which are inherent with their products. This decision to remain with Open Solutions and upgrade our core processing platform is vital to our ambitious business growth."
In addition to The Complete Banking Solution (TCBS) data processing platform, Asia Commercial Bank will be implementing Open Solutions' cView (CRM/business intelligence), online banking, cash management, financial accounting solution, imaging, interactive voice response, loan origination and payment solutions.
Open Solutions Vice President of International Operations, Wayne Ginn, said, "We welcome Thien Nam as an Open Solutions' trusted distributor and partner for the Vietnam region. Developing relationships with strong international partners further extends our reach within the international marketplace. As the banking industry continues to evolve in Vietnam, we look forward to working with Thien Nam to equip banks, such as Asia Commercial Bank, with the necessary tools needed to prosper and better serve their customers in a dynamic and competitive market."
During the May 31 opening ceremony of the Banking Vietnam 2007 Conference and Exhibition held in Hanoi, Vietnam, the State Bank Governor Le Duc Thuy stressed effective technology solutions would help speed up Vietnam's banking development and contribute to stabilizing the monetary system and the economy. Institutions in Asia traditionally run legacy systems based on historical accounting systems. With the increasing competition of foreign banks entering the Asian market, Asian financial institutions are demanding technology platforms that contribute to and accommodate growth, as well as enable them to offer more personalized products and services to customers.
Open Solutions provides enabling solutions to domestic and international financial services providers, offering some of the most advanced functionality, technology and service in today's market. Its relational database technology suite was designed to be an open architecture application, creating the flexibility necessary to run an agile, customer-focused institution. The product suite delivers real-time core data processing, business functionality and business intelligence capabilities that have efficiencies for both the front and back offices.
Open Solutions Chairman and CEO Louis Hernandez, Jr., said, "Open Solutions continues to experience tremendous growth and success as more and more financial institutions implement our open architecture platform. As we continue to expand our global footprint, we are pleased to bring our proven methodologies and sophisticated technology to financial institutions in Asia. Relying on TCBS, Asia Commercial Bank is now uniquely poised to succeed in a region that is highly competitive, yet lacks sophistication in terms of core processing solutions. Open Solutions recognized the void, and in response, has now made its relational, customer-centric platform available to Asian financial institutions. We are pleased to announce our newest distributor agreement with Thien Nam and our expanded relationship with Asia Commercial Bank."