ERP (Enterprise Resource Planning) is known as a software system that allows storing and managing information and work processes of a business, helping to optimize operating costs, production and business, increase product quality...
Under the influence of the 4.0 industrial revolution, ERP is increasingly being applied by many businesses in different fields. At Petrovietnam, the ERP System project was launched in 2019, in which phase 1 focused on the following tasks: Financial accounting, Management accounting, Treasury and cash flow management, Budget planning and forecasting, Investment portfolio management, etc. Up to now, ERP is ready to receive banking products and services into the system.
In the Financial Accounting subsystem, Petrovietnam has trusted and chosen PVcomBank as a partner to integrate banking and financial features into the ERP system to optimize the tracking of bank balances.
With the advantage of experience in implementing financial solutions for oil and gas, energy enterprises and a modern core banking and technology platform, PVcomBank is ready to directly integrate ERP into the Open Banking system to provide products and services for the Group.
From this connection, PVcomBank aims to provide services through Open API and together with Petrovietnam build a banking and financial product ecosystem on the Group's ERP management system.
In addition, the Open Banking system also provides the necessary tools for businesses to analyze balance status and manage cash flow effectively.
Petrovietnam is a unit currently transacting with many banks and a wide network of partners nationwide. Manually performing and updating financial reporting results at a time is relatively difficult and can lead to errors. Therefore, connecting to Petrovietnam's ERP system using API for the features of Debt Notification, Credit Notification, Balance, Statement, etc. will help Petrovietnam's accounting department to reduce some manual operations, paper documents and records, thereby reducing operating costs, saving time and resources for reconciliation between the two parties, increasing convenience in the transaction process as well as monitoring and reporting financial and accounting activities, etc. The Group will also easily monitor and control financial issues, thereby developing appropriate business development policies that closely follow the actual situation.
Sharing about the project, Ms. Ha Thi Thu Trang, Deputy Director of PvcomBank Digital Bank, said: “The implementation of the project to provide connection services between Petrovietnam's ERP system and the Open Banking system is a typical demonstration of PVcomBank's strong progress in the development process and always goes hand in hand with the Group's digital transformation. This also affirms PVcomBank's ability to provide diverse and modern digital financial solutions to customers in many fields as well as contributing to creating competitive advantages, affirming prestige and brand position in the market".
Talking about the importance of this project, Mr. Doan Trong Sinh, Head of ERP Solutions - Petrovietnam, emphasized: “Petrovietnam is a large economic group with a large number of transactions occurring every day at banks and each bank has many different account numbers. Therefore, the need to manage cash flow or balance at any time requires a lot of time and resources.
To solve this problem, on the digital transformation roadmap, we have also successfully integrated the SAP ERP system with the banking system, choosing to connect with 3 banks with large transaction volumes, including PVcomBank. This project is expected to bring a comprehensive solution on a digital technology platform to reduce reconciliation time, increase accuracy as well as increase operational efficiency for Petrovietnam in the coming time."
Not only is PVcomBank one of the first three banks to connect to Petrovietnam's ERP system, it is expected that it will continue to approach and deploy Open Banking services at other subsidiaries and member companies of the group in the future. From many perspectives, this is also a favorable opportunity for the Bank to increase the proportion of Petrovietnam's products and services used at PVcomBank, thereby increasing revenue and profit for the bank.
Thanh Ha
Source
Comment (0)