Banknetvn Switching System with Efforts for Successful Connection

Banknetvn switching system will connect ATMs operated by all banks in Vietnam. This project brought many utilities and conveniences to cardholders, helping them to save time and effort in using their cards. More importantly, all banks will share the ATM system and expand their points of sale (POS) networks.

 

At present, Banknetvn switching system connects 382 ATMs run by the Bank for Investment and Development of Vietnam (BIDV), 327 ATMs of Vietnam Industrial and Commercial Bank (Incombank) and 54 ATMs of Saigon Industrial and Commercial Bank (SaigonBank). Banknetvn is piloting POS transactions of the three banks to connect the POS networks of local banks to Banknetvn switching system.

In parallel with the Banknetvn service network expansion, the Vietnam National Financial Switching Joint-Stock Company is also promoting the execution of agreements signed with NETS and CUP. In June, China Union Pay (CUP) will send a group to work with Banknetvn, to discuss and resolve issues related to card payment acceptance in order to connect the switching systems of the two nations. NETS (Singapore) also plans to discuss a similar strategic cooperation deal with Banknetvn.

The cooperation with the two reputable and experienced companies in the field of non-cash payment will bring more convenience for cardholders. Vietnamese cardholders can draw money and make payment at ATMs in partner countries, while foreign cardholders can use Banknetvn ATM/POS in Vietnam.

Banknetvn is equipped a complete security system, from basic infrastructure security to application security, guaranteeing cardholders transaction safety. PIN codes of Banknetvn customers are coded in specialised hardware in accordance with the highest security standard (FIPS 140-1 level 4). Banknetvn sends detailed data reports to banks, enabling them to track and respond to shady transactions quickly and accurately.

With its efforts, Banknetvn has started the project “Banknetvn switching system establishment,” a step toward future success.