back Back

BIDV taps OpenWay’s Way4 digital payment software platform

By Gloria Mathias

July 01, 2024

  • Asia
  • BIDV
  • Fintech news

BIDV, Vietnam, Fintech News, Fintech solutions, Openway, Payment tech, ASIA, Payments Technology, Vietnam Fintech The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has chosen OpenWay, a payment technology vendor, to spearhead its digital transformation project.

This collaboration replaces BIDV’s card management and payment systems with OpenWay’s Way4 digital payment software platform.

The project addresses the challenges of BIDV’s fragmented, outdated systems and the complexity of managing numerous satellite applications. To deliver a fully digital customer payment experience, the bank sought to migrate its extensive portfolio of millions of cards, thousands of ATMs, and POS devices to a modern infrastructure. By migrating to the Way4 platform, BIDV will swiftly launch products, minimize costs, enhance customer satisfaction, and reduce development time.

This digital transformation is part of BIDV’s broader strategy to become the financial institution in Southeast Asia and the bank with the best digital platform in Vietnam by 2030. It will establish a centralized, modern payment system with open architecture, comprehensive APIs, and flexible parameterization capabilities.

The Way4 technology stack plays a key role, renowned for its end-to-end online payment processing functionality and rule-driven, digital-first approach. By adopting Way4, BIDV will increase flexibility, achieve operational excellence, and expedite the rollout of digital products and services.

The new system will leverage Way4’s issuing, acquiring, and switching capabilities, managing the full card and merchant management lifecycle. This includes account management, value-added services, fraud prevention, dispute resolution, health monitoring, high availability, and tokenization.

BIDV’s CEO, Mr. Le Ngoc Lam, stated, “Investing in a new payment system is part of our commitment to become a fully digitized, technology-based retail bank. We highly appreciate OpenWay’s capabilities and experience in the CMS’s market.”

Rudy Gunawan, Managing Director of OpenWay Asia, shared, “We are committed to ensuring the success of this project by engaging the best regional and global experts, along with our senior engineers with extensive migration experience. Our knowledgeable team will support BIDV through each project phase, ensuring flawless execution and alignment with the project’s demands.”

Previous Article

July 01, 2024

KCB Bank partners with dLocal for faster remittances in Kenya

Read More
Next Article

July 01, 2024

Quail Creek Bank selects Jack Henry to enhance customer & employee experience

Read More

IBSi Daily News Analysis


July 19, 2024


SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


4 BNPL platforms providing financial freedom to consumers in MENA

Read More


Paytm & Axis Bank to offer POS solutions to merchants

Read More


Klarna integrates Sofort payment service with Klarna Payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024