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BIDV rolls out E-Connection to benefit market
After successfully deploying a trial period and signing a cooperation contract, since November Bank for Investment and Development of Vietnam (BIDV) and FPTS has officially brought the Ellectronic Collection and Payment Connection (E-Connection) into operation.
E-Connection not only benefits FPTS, but also brings many advantages for stock investors. Le Thi Kim Thu, head of BIDV’s Corporate Products, provides more information about this new service and the target of BIDV and FPTS’ cooperation.
BIDV’s products focused on technology application and customers. Is the cooperation with FPTS an illustration of this?
That’s right. The cooperation between BIDV and FPTS on E-Connection has no other purpose than providing our securities company clients an advanced service with many direct and indirect benefits, including saving time, reducing management and labour costs, avoiding mistakes caused by manual work, and minimising operation risks.
Currently, day-end reconciliation activities between a securities company and a bank often take a lot of time, from exchanging original transaction documents to crediting the fund to the accounts of stock investors. But thanks to the electronic connection, all collection data can be electronically transmitted from the bank to the securities company, so the amount of incoming funds can be credited to investors’ accounts faster.
Meanwhile, when an investor wants to withdraw money from his stock account to make a transfer to the securities company, the company is able to electronically “forward” the investor’s order to the bank for executing the payment to the beneficiary. The results of transactions are updated online and the securities company can inform them to the investors instantly.
Collection services have been offered to the market for a long time, but until now BIDV has just launched the E-Connection. Do you think that BIDV is going after other banks?
Bill, utilities and payroll services have become “traditional” services in many domestic and foreign banks. Although foreign banks introduced these services first in the market, and in practice cooperated with many domestic companies to implement these services, because of network disadvantages, these banks cannot expand these services.
On the other hand, domestic banks, despite the network’s strength and efforts to deploy collection services in many forms, still have not exploited them at maximum potential. For BIDV, collection and cash management services are not something new. Our services such as cash collection, cash pick-up and delivery and automatic fund transfer have received positive feedback from customers.
In fact, we are confident that we are not a follower in the market, but one of the leaders in terms of volume and revenue. And the deployment of these electronic collection and payment services at this time will be a step for us to gain a business edge.
Could you tell more about the advantages of these services for securities investors?
It is apparent that from now, securities company investors which have E- Connection with BIDV can fund their stock trading accounts by various channels including depositing cash at BIDV’s counters throughout the country, making transfers by internet banking and mobile banking or even remitting from any other banks.
They can also withdraw money quickly by transfers from the website of securities companies to beneficiaries having accounts at any bank. This is an added value with such securities companies can offer their customers.
What will BIDV focus on in the future to better satisfy customers?
As mentioned, the combination of collection services and electronic connection into a package will help BIDV to take advantage of its strengths of network and technology to serve customers. Following the initial success of the cooperation with FPTS, in the short coming time, we will expand connections with our large customers in the fields of telecommunication, insurance, retail finance and consumer goods distribution.
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