Details

I. Introduction

The Automated Clearing House (ACH) electronic settlement system for retail payment transactions – a system that acts as an automatic clearinghouse among participating members (banks), is built to develop the retail payment infrastructure in Vietnam.

Due to the focus of ACH system services on low-value transactions (small value, large volume), establishing an internal system connected to the ACH system to provide payment and fund transfer services will bring many benefits to banks, specifically:

Enhancing efficiency, minimizing manual errors to the maximum extent
Saving transaction costs for banks
Enhancing security and control with strong security measures following the ISO 20022 standard of the ACH system
Diversifying products, services provided thereby increasing competitive advantages in the market.

II. Technology

The solution is built based on the foundational technologies mentioned above in this document, applying all the strengths and essence of the most advanced technologies globally proven and being used by many large technology companies.

The system will be deployed centrally at the Bank’s headquarters according to a multi-layer model using the Web application platform:

Database Server: Using Oracle database version 19c
Web Server: Application developed on ASP.Net Core Blazor technology platform, deployed on Ubuntu operating system.
Application Server: Application developed on .Net Core 5 technology platform, deployed on Ubuntu operating system.
Business Departments/Branches connect to the system via the bank’s internal computer network.

III. Summary of system functions (Developed as per customer requirements)

1. Payment & Fund TransferReal-time credit transactions
– Real-time credit transactions
– Real-time transaction list
– Real-time debit transactions

2. Information Query
– Transaction status inquiry
– Copy of original transaction

3. Reconciliation Management
– Request for editing original transaction information
– Request for refund
– Request for providing documents/information
– Recall request
– Reconciliation support
– Request for clarifying information
– Reconciliation list

4. Refund Management
– Create refund transaction
– Refund transaction list

5. System Administration
– User management
– Service management

6. Reporting System

7. Integration with related systems with the bank’s system (customers/partners)