Businesses save a range of costs by adopting Open APIs.

Specifically, Open APIs will allow software systems to connect and exchange data easily, enabling businesses to use readily available APIs to integrate banking services and applications into their systems. For example, with the VietQR payment method – generating VietQR codes for each invoice or store, allowing customers to pay by scanning and transferring funds on any banking application or e-wallet; and automatically processing payroll and large-scale invoice payments.

Partners can pay for goods or salaries with just an API command from their system, eliminating the need for manual operations on internet banking; collection and credit notification – a quick payment feature in a few simple steps, providing instant credit notifications, allowing beneficiaries and partners to receive immediate alerts; e-wallet linking – automatically and securely linking domestic bank/debit card accounts and e-wallet accounts, enabling easy and fast deposits/withdrawals;OCB payment account opening solution – eKYC, opening accounts online via SDK (embedded application) or Open API, allowing new customers to open OCB accounts completely online through any familiar partner application that cooperates with OCB without having to visit a branch in person.

Integrating Open APIs into the operating system will help businesses save costs in many aspects, such as: reducing technology infrastructure costs, saving software development costs, minimizing operational risks, and making system maintenance easier as APIs are provided and maintained by a professional service provider like OCB. In addition, businesses can optimize personnel costs by reducing reliance on internal programmers for new feature development, instead focusing on core strategies such as product development, market research, and customer management.

Businesses save a range of costs by adopting Open API (image 1).

Integrating Open APIs into operational systems will help businesses save a range of costs.

In addition to saving operating costs, Open APIs also provide businesses with opportunities to develop new services, expand their markets, and improve customer experience by integrating diverse new services into their systems. This allows customers to access services quickly, conveniently, and easily . For example, a retail business can integrate online payment, shipping, inventory management, and data analytics solutions from external providers, creating a diverse and rich ecosystem without having to develop all those solutions from scratch. Integrating APIs in online payments enables customers to make payments quickly without any obstacles.

According to a Harvard Business Review survey, Open APIs can help increase work efficiency by up to 30%, in terms of both time and cost for the same task. Additionally, a study from Deloitte shows that the demand for personnel in accounting, reporting, and customer service could decrease by up to 20% thanks to automation and process optimization.

Businesses can also save up to 25% on operating costs for their enterprise management systems when implementing this solution. According to reports in Vietnam's National Digital Transformation Program and research by the State Bank of Vietnam, in the banking sector alone, transaction processing time can be reduced by 30% to 50% when implementing integrated Open API solutions.

In practice at OCB, Open Banking has helped the company reduce manual operations in payments and invoice reconciliation by 100%, shortening transaction processing time from 15 minutes to 1-2 seconds and cutting accounts receivable reconciliation time by 80%. These impressive figures are clear evidence that applying Open APIs not only improves efficiency but also contributes to enhancing the competitiveness of organizations and businesses in the current digital transformation context.

Businesses save a range of costs by adopting Open API (image 2).

OCB is currently one of the leading banks in implementing open banking, meeting the diverse needs of partners from various industries and segments.

Accordingly, Orient Commercial Bank (OCB) is one of the leading banks in implementing open banking with over 200 Open APIs, a robust processing capacity averaging over 6 million transactions per month, corresponding to various services from basic to specialized operations, ready for integration to meet the diverse needs of partners from many industries and segments. Any business needing to manage internal finances or provide financial services to customers can connect with OCB through its Open API platform.

Reportedly, at OCB, by the end of 2024, the number of customers connecting to Open API increased by 150% compared to 2023, and the bank aims for over 200% growth in the number of corporate customers using and applying this model in 2025.

“ OCB is currently focusing on creating groundbreaking products that bring practical value to businesses and users. In particular, we place great faith in Open Banking because it is a major opportunity that OCB must take the lead in and create a clear difference in the market ,” an OCB representative shared.

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