Sept 22, 2023: LPBank signed a contract with Temenos AG to implement Corebanking T24 system

LPBank signed a contract with Temenos Group – the market-leading core banking solution provider headquartered in Switzerland – to implement Corebanking T24 system. The successful deployment will help the bank reduce both time and costs associated with implementation, increase revenue and profits, improve operational efficiency, service quality and the ability to cater to the diverse needs of the bank’s clientele.

LPBank and Temenos signed contract to implement Corebanking T24 system.

Specifically, on September 22, 2023, at Hanoi headquarter, Lien Viet Post Joint Stock Commercial Bank (LPBank) and the world’s leading group in banking software – Temenos AG signed a cooperation contract to implement  Corebanking T24 system. Attending the ceremony, from Temenos’ side, were Mr. Craig Bannet – Vice Chairman, Mr. Nick Edwards – APAC Deputy CEO and ASEAN General Manager, Ms. Dao Luu Xuan – Country Director of Indochina region, Ms. Shobha – Product Support Manager; from LPBank’s side, were Mr. Nguyen Van Thuy – Standing Vice Chairman of the Board of Directors; Mr. Ho Nam Tien – Vice Chairman of the Board of Directors cum CEO; Mr. Bui Thai Ha – Vice Chairman of the Board of Directors and representatives of the Board of Directors, Board of Management and divisions. The event is an important step, materializing the goal of extensive digital transformation and digitization set by LPBank.

The T24 Corebanking system is a product of the leading Core banking provider Temenos Group. Currently, this system has been used by more than 3,000 banks around the world. In Vietnam, T24 is trusted and chosen by many large banks such as MB, Sacombank, VPBank etc. Choosing to deploy T24, a system similar to large banks will help LPBank develop quickly, progressively establish the goal to become a premier retail bank that is accessible to all.

Implementation of Temenos Group’s T24 Corebanking system will maximize support for process automation, thereby minimizing operational errors, improving risk management efficiency, and escalate digital transformation quickly, strongly and effectively at LPBank.

Speaking at the signing ceremony, Mr. Ho Nam Tien emphasized: “Choosing to deploy T24, a system also implemented by other big banks in the market, will help LPBank develop quickly, gradually materializing its goal of becoming a leading retail bank – a Bank for Everyone. The new system will also help LPBank’s customer experience journey become more complete based on the digitization of end-to-end transaction channels, increasing interactions with employees bankwide”.

Mr. Tien also expected that with Temenos’ reputation, capacity, long-term experience and advanced technology, the project would be completed on time, enabling LPBank to quickly master technology and implement an extensive innovation strategy in the coming time.

Sharing his thoughts about this cooperation, Mr. Nick Edwards expressed that Temenos was  very honored to cooperate with LPBank, one of the largest joint stock commercial banks with a network of branches and transaction offices across 63 provinces and cities.

“Technology plays a key role in achieving and maintaining business growth and with Temenos core banking, the world class core banking system, we commit to bring to LPBank a capability to develop modern financial services and products. This should bring LPBank in a position of being – a Vietnamese Bank delivering world class customer service,” Mr. Nick Edwards said.

In addition to the core banking system transformation project, LPBank is implementing many other key projects such as Datalake/DataWarehouse platforms, payment solutions, Treasury solution (front-to-back), Omni channel banking platform etc, which helps the bank easily design more innovative products and services, reach the market faster at significantly lower costs.