PVcomBank’s Breakthrough: The Core Banking Transformation with T24!

Core Banking is the heart of every bank’s technology system. Recently, Vietnam Public Joint Stock Commercial Bank (PVcomBank) has officially completed the successful transformation of its Core Banking system, adopting Core T24 – a solution provided by Temenos, the world-leading core banking provider from Switzerland

PVcomBank has successfully implemented and transformed its Core Banking system with Core T24.

Four months of relentless effort have led to today’s achievement

Currently, domestic banks in Vietnam are using various Core Banking systems such as Flexcube by Oracle, T24 by Temenos, TCBS by Unisys, Symbols by System Access, and some local solutions like Bank2000 and MicroBank.
Among them, Temenos’ T24 Core Banking system from Switzerland is the most widely adopted, with 16 financial institutions in Vietnam, including the State Bank of Vietnam, Sacombank, Techcombank, VPBank, and SeABank.

T24 has become a popular choice thanks to its high reliability and stability, processing speed of up to 1,000 transactions per second, the ability to manage 50 million accounts simultaneously, and its regular updates with new features and enhancements.

Although transforming the core banking system is a challenging process that requires significant resources and investment, the results are absolutely worth the effort and commitment.

Choosing a core banking system was a strategic decision carefully considered by PVcomBank’s leadership from the very first days of its establishment in 2013. However, turning this vision into reality was a long and challenging journey due to the bank’s unique circumstances.

“The Core Banking project started right after the merger. But since we came from two different entities, the implementation required more time and meticulous effort compared to other banks,” shared Mr. Trần Thanh Quang, Member of the Executive Board of PVcomBank.

In fact, the legacy core systems at PVcomBank presented specific challenges:

• The modern system in place lacked retail banking functionalities such as personal savings, deposits, and payments—only supporting corporate and wholesale banking.
• Meanwhile, the core system inherited from Western Bank had the full range of banking functions but was outdated and could not meet the requirements of a modern digital bank.

These factors required both the technology provider and the bank to work closely together, reviewing and resolving hundreds of detailed terms and conditions. The first step was to align on the bank’s operating model and data structure, then build the legal, regulatory, and procedural frameworks. After that, both sides had to carefully assess each function—which features to retain, which to discard, and which must strictly follow the standards of Temenos’ Core T24 system.

“The Core Banking T24 project started as soon as the merger process began. For regular banks, implementation might take 9 months; for larger banks, around 18 months. But for us, it took 24 months. Once we agreed on the foundational framework, we worked with the provider to fine-tune and tailor the system step by step,” Mr. Quang said.

Core T24 – A Breakthrough for a Stable and Secure Future

Migrating a core banking system is not as simple as switching to new software. One of the most critical requirements is to preserve the bank’s entire IT assets, including customer data, account history, product catalogs, management reports, and more. After implementation and testing, both the old and new systems must operate in parallel to ensure no data loss or service disruption occurs.

According to Mr. Trần Thanh Quang, PVcomBank’s management carefully evaluated and decided to invest in T24—one of the world’s most advanced and widely used core banking platforms, developed by Temenos (Switzerland).

“This was a necessary and inevitable step to secure PVcomBank’s future growth and ensure flexibility for expansion. Core T24 allows us to provide faster, seamless customer service, integrate electronic transaction channels, avoid transaction errors, and comply with Basel II and even Basel III standards,” Mr. Quang emphasized.

When talking about the advantages of Core T24, the key highlights include:

• Most of the bank’s critical reports, product management, and capital management have been parameterized. When there are updates, such as new management policies or new product development, administrators only need to change system parameters—there is no need to alter the source code, which ensures system stability and robust performance.
• Core T24 also integrates smoothly with all of PVcomBank’s current IT management systems, maintaining the highest levels of security for both the bank and its customers.

Almost the entire PVcomBank staff participated in continuous training and practical exercises to master the new system’s functionalities and ensure efficient operation. Due to the significant workload and strict quality requirements, the project took considerable time from the initial investment decision to its successful completion.

All these efforts were directed towards PVcomBank’s long-term goal:
“Becoming a Bank Without Boundaries.”