ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems has partnered with Lien Viet Post (LVP) Bank, enabling the bank to rapidly add ATMs with multiple value added services and issue cards.
The electra™ payments suite, which includes the electraSWITCH™, electraPREPAID™ and electraCREDIT™, will enable LVP Bank to offer to its customers access to a range of delivery channels including ATMs, POS, the Internet, mobile and IVR. The bank also plans to leverage the electra suite to roll out innovative and effective ways to deliver value to its credit, debit and prepaid cardholders. The Bank is planning to issue one million cards by 2014, enlarge its terminal network up to 500 ATMs and grow to 1,500 POS-terminals over the next five years.
LVP bank selected ECS due to its proven market experience with leading local Vietnamese banks, speed of implementation and reputation for successful projects across the country. Ocean Technology the local business partner of ECS played an integral role in the implementation and go-live support of the electra solutions. The debit and switch system went live in a short span of six weeks.
“We are happy to be associated as technology provider for Lien Viet Post Bank and extend our local experience, expertise and distinguished line of products that will cater to the dynamic need for integrated card services in Vietnam” said Mr. Ramesh Mengawade, CEO, ElectraCard Services (P). Ltd. He further added that,“We at ECS are very proud to be the No. 1 payment solutions provider in Vietnam and are constantly putting efforts to offer localized solutions to the evolving payments domain globally”.
Commenting on the technological enhancement Mr Nghiem Sy Thang, Deputy CEO, Lien Viet Post Bank said,“With Bank’s vision and ElectraCard Services’ technological expertise, this partnership is set to evolve the payments landscape in Vietnam. With our increasing customer base, the need to keep up with the changing customer requirements through technological advancement is immense. Our association with ECS will not only assist us to deliver technologically advanced services but also drive us to be a leading retail bank in the country.”
About Lien Viet Post Bank
Lien Viet Post (lienvietpostbank.com) Joint Stock Commercial Bank (Lien Viet Post Bank), formerly known as Lien Viet Bank, was granted it Operation License No 91/GP-NHNN on March 28, 2008 by the Governor of the State Bank of Vietnam and became the first newly established joint stock commercial bank since 1993.
In 2011, Vietnam Post Corporation (VNPost), a member of Vietnam Post and Telecommunication Group (VNPT), became the Bank's biggest shareholder by contributing capital to the Bank equal to the value of the Vietnam Postal Savings Service Company (VPSC) and in cash.
About ElectraCard Services
ElectraCard Services, a subsidiary of Opus Software Solutions, provides software and third party processing services for card and payments management across the world. ECS is a PCI DSS certified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring side. Its deep domain knowledge, extensive global experience and cost effective solutions address the speed to market and flexibility challenges of today’s market.
ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, prepaid, smart cards, and ACH. In addition to typical back office processing, ECS also offers ecommerce gateway and switching solutions. Its solutions support multiple institutions, multiple currencies, and varying processing requirements on a single platform.
By providing comprehensive and flexible solutions that can be deployed to a market of one, ElectraCard Services offers unmatched services and solutions.
®MasterCard is a registered trademark of MasterCard International, Incorporated.
®VISA is a registered trademark of VISA International Service Association.
electra is under trademark and copyright by ElectraCard Services.
electraSWITCH is under trademark and copyright by ElectraCard Services
electraPREPAID is under trademark and copyright by ElectraCard Services
electraCREDIT is under trademark and copyright by ElectraCard Services
For more details on this release, please contact:
Suman Sharma / Akansh Agarwal - Ketchum Sampark PR
M: +91 8600113106 / +91 9960977772
E: suman.sharma[.]ketchumsampark.com / akansha.agarwal[.]ketchumsampark.com.