SACOMBANK expands its partner ecosystem through Open Banking solutions

Globally, Open Banking has become an inevitable trend as banks shift from a closed service model to an open connectivity model. This allows customers to register for and use banking services across multiple integrated platforms without needing to rely on the bank’s own app or visit a branch. In Vietnam, the State Bank of Vietnam has issued guidelines that create an important legal framework, encouraging credit institutions to implement Open Banking services in line with international standards while ensuring safety, security, and customer rights. Following this direction, the SACOMBANK OPEN API platform (openapi.sacombank.com.vn) has been built on a modern technological infrastructure, enabling secure connections between the Bank’s system and third parties (TPPs) through standardized APIs.

As a result, individual customers can open payment accounts, apply for cards, and register for SACOMBANK’s payment authorization services directly from digital platforms or partner apps/websites that have integrated the SACOMBANK OPEN API. This helps save time and significantly enhances the user experience.

For corporate customers, SACOMBANK OPEN API provides solutions for ERP system integration, online payments via API, and automatic collection and reconciliation services using virtual accounts. These features help automate revenue and expenditure processes and optimize cash flow management, enabling businesses to digitize their operations and improve customer experience.

A representative from SACOMBANK stated: “The launch of the SACOMBANK OPEN API platform demonstrates the Bank’s strong commitment to using technology as the foundation for sustainable development. We are not only providing financial services but also promoting collaboration and innovation with technology partners. This allows us to deliver more convenient, secure, and practical digital financial experiences that better meet our customers’ real-world needs.”

The SACOMBANK OPEN API platform is a continuation of the Bank’s comprehensive digital transformation journey, which SACOMBANK has consistently pursued over the past several years. It contributes to expanding the Bank’s partnership ecosystem with payment intermediaries, fintech companies, and domestic and international e-commerce platforms. In recent times, the Bank has also implemented several notable digital solutions, including the SACOMBANK PAY financial app with its diverse ecosystem of utilities; cross-border QR code payment support in Thailand, Cambodia, and Laos; as well as advanced technologies to enhance customer experience and security, such as an AI-powered voice banking system and biometric solutions.

Looking ahead, SACOMBANK plans to further expand its API portfolio while continuously improving safety and security standards. The Bank aims to further develop its Open Banking ecosystem and make positive contributions to the digital transformation process of Vietnam’s banking industry.