VPBank has modernised to the latest Temenos core banking system, in collaboration with Systems Limited, aiming to deploy the platform on Red Hat OpenShift.
Following this announcement, the initiative reflects VPBank’s strategy for digital development and operational optimisation, while leveraging modern cloud-native technologies to improve scalability, performance, and the overall customer experience.
In addition, the project involved migrating VPBank from its existing version of Temenos core banking to the latest release, which was hosted by Red Hat OpenShift. The upgrade encompassed the overall migration of several customer accounts and loan records.
More information on the announcement
According to the official press release, this modernisation initiative aimed to introduce major developments across VPBank’s operations. Through the process of moving its application architecture to the cloud with Red Hat OpenShift, the bank will be given the possibility to operate in a fully cloud-native environment, unlocking new levels of resilience, agility, and overall operational efficiency. At the same time, the platform is set to equip VPBank with the ability to bring new products to market faster, integrate more securely and efficiently with external partners, as well as deliver optimised digital experiences through improved reliability and performance. The transformation also drives significant cost efficiencies through the process of automating workflows, optimising resources, and reducing IT overheads.
Furthermore, through the process of integrating open, cloud-native architectures and reengineering its core banking platform on Red Hat OpenShift, the bank will focus on building the agility and resilience needed to continuously develop at scale. This transformation also reflects its commitment to serve all its customers with trust and speed in an ever-changing digital world. The process of moving to the latest Temenos Core on Red Hat OpenShift will also enable VPBank to gain the agility to design and launch products faster, integrate with digital ecosystems, as well as deliver optimised experiences to its partners and customers.
