Toyota Finance uses Open API, invests in payment system integration on WSO2 platform
- Each payment partner and bank has different rules and standards.
- The processing must prioritize data security, high level encryption & digital signature.
- All file types of reconciliation, email, transaction status must be compared, processed quickly and automatically.
- The level of flexibility of Core and BackEnd systems in integration is not high.
*Solution: WSO2 – Top 3 Open Banking solutions.
*Deployment time:
- About 4 months: from December 2022 to April 2023.
- Meet the requirements compared to the schedule.
- Better business processes: Connect real processes to software solutions, centralize and transform them to automate processes based on business models using WSO2 to integrate systems themselves system inside and outside.
- Time-To-Value: Improve customer experience and operational efficiency. The new system is faster to deploy and easier to maintain, reducing the time and cost of connecting to new payment partners.
- Expansion of the ecosystem: Real-time connection with partners
PROJECT OVERVIEW
- Project name: Integrating the Payment system with partners in the Banking-Finance industry on the WSO2 platform, called ISS (Integration Services System) for short.
- Section: Open Banking/Open API
- Providing solutions: Integrating payment gateways with high complexity and always ensuring safety and security according to the highest standards of Techcombank, VietInBank, etc.
- Firm solution: WSO2 – Top 3 Open Banking solutions.
- Special:
+ Design standard architecture system Open Banking, Microservices.
+ This is the first project that CMC TS deploys with WSO2 solution.
Customer's request:
- Solve existing obstacles and challenges.
- The solution must ensure the strict regulations of the Finance - Banking industry.
- The deployment team must have professional knowledge, deep technical knowledge & full expertise.
- The system must ensure scale, online 24/7.
- Enhance/expand the customer experience.
- Quickly deploy & ensure parallel with other Core projects.
- Improve operational efficiency
- Connecting businesses with partners and building an ecosystem.
CMC TS WITH TOYOTA FINANCE OPTIMIZING CUSTOMER EXPERIENCE ON WSO2 BACKGROUND
Toyota Finance Vietnam Company Limited (TFSVN) has "shaken hands" with CMC TS to implement the project of the Integration of Payment system with partners on the WSO2 platform. The solution has helped TFSVN expand and connect with new payment methods, save operation time by up to 50%, and eliminate a lot of middlemen and manual steps to support operation and automation. payment & reconciliation.
As a financial services business, TFSVN focuses on digital transformation strategies to optimize the ecosystem, toward improving operational processes and customer experience.
Before integrating the payment system, TFSVN faced many difficulties in connecting payment partners but still had to fully ensure the security standards of the Finance - Banking industry, especially the real-time. This is a difficult challenge that requires the new integration platform to have a high degree of flexibility and compatibility. This “blocking stone” has been solved thanks to the WSO2 platform deployed by CMC TS.
WSO2 is a platform in the top 3 of Open Banking solutions globally. This is a 100% open-source platform that helps build, integrate, analyze and manage APIs (application programming interfaces). After being put into operation, this platform has supported TFSVN to integrate payment gateways and always ensure information security according to the highest standards of Techcombank, VietinBank, etc. Thereby helping TFSVN expand its ecosystem. and improve the customer experience.
Before implementation, CMC TS gave specific advice and POC to customers in advance, in order to provide the most comprehensive and complete view of the project implementation process in the future. CMC TS has well implemented its commitments from the personnel aspect to the maximum quality of the project. The team of experts in the field of application integration solutions of CMC TS consulted and implemented this project with TFSVN. These are experts with full international certifications granted by leading solution companies, especially with real experience in the field of Finance, Banking and Insurance and have been successful with many different projects in the world. similar platforms.
With high determination and good coordination between members, after nearly 4 months of implementation, the project has successfully ended and received recognition from customers. The system is faster to help improve customer experience, TFSVN's ecosystem has also become more complete through the convenient integration of payment partners and digital banks on the same platform.
Mr. Le Tu Truong An (Head of IT, Toyota Financial Services) said: “I rate the deployment team of CMC TS “10 points” because of their dedication, professionalism, full support, especially understanding. understanding from the team. WSO2 solution is flexible, stable and suitable for the needs of Bank API. We are currently looking at expanding the capabilities of this solution to serve as an integration layer between the Core System and satellite systems (e.g. online lending) in the future.”
Toyota Finance Vietnam Company Limited (TFSVN) has been present in Vietnam since 2008, operating in the field of providing financial products and services to customers buying Toyota brand cars in 63 provinces and cities across the country. country.
CMC TS is proud to be a leading enterprise providing consulting services, implementing digital transformation solutions and comprehensive corporate governance, of which Open Banking is one of the strengths that we are proud of. With experience in OpenAPI consulting, API Gateway implementation (build, transform API Gateway), implementing new API system (design, build, test API system including API services) and implementing API transformation ( build/deploy/adopt a full cycle of APIs: design, create, deploy, test, secure, manage, publish, integrate, decoupling, microservices architecture), and is a strategic partner of technology partners such as MuleSoft, Kong, TIBCO and WSO2. CMC TS will definitely be the best choice of businesses when it comes to digital transformation. /.