Banknetvn become Asian Payment Network (APN) member
Kuala Lumpur – Banknetvn, in the 2nd meeting of Sixth Asian Payment Network Forum (“APN”) which happening from October 17th to October 19th 2010, was admitted as APN member.
Asian Payment Network (APN) was formed in Malaysia in 2006 with an objective of linking up switches and payment networks in Asia and Asia Pacific together. Members of APN now come from seven countries including Malaysia, Singapore, Indonesia, Thailand, Philippines, Korea and Vietnam. All participating switches of APN are the ones representing their nations, bridging payment systems of local banks to that of region.
APN goal is to build up a common technical specifications and operational standards applied to all members of the Forum, by that way, to strengthen the connection, business cooperation as well as to improve the position of member switches and the competitiveness of their relatively participating member banks in the midst of the expansion and control of international card schemes. Members will share each other experience and know-how in running the systems and business as well as information about competitors to develop and go further in the successful way. For APN members, in the first phase, will connect to each other to enable two side ATM/POS transaction services.
Within the meeting framework, Banknetvn was discussing with other APN members about the connection roadmap, especially with such Switches as MEPS (Malaysia), KFTC (Korea) and National ITMX (Thailand). It’s Banknetvn target to complete connection to all APN members by end of 2012 and firstly with MEPS, KFTC and National ITMX by end of 2011. When connection completed, cardholder customers can enjoy ATM/POS cross border services at much attractive rate compared with that provided by international schemes.
With the APN membership of Banknetvn, all banks belonging to Banknetvn network in Vietnam can expand their card payment networks to those of Asian region, bringing more utilities and value – added services to their cardholders. The application and joining APN of Banknetvn is an evidence of Banknetvn effort in running its business to be in line with the mandate given by State Bank of Vietnam in choosing Banknetvn as the core in forming a Unified Switch in Vietnam.