VIB becomes first bank to apply advanced security solution in online payment

The Vietnam International Bank (VIB) has successfully launched new security solution named MyVIB Smart OTP in online payment, including Internet Banking and Mobile Banking, becoming the first bank in Vietnam to apply the outstanding technology solution.

According to the Decision 630 issued by the State Bank of Vietnam, beginning in 2019, with high value transactions, banks must provide One-Time Password (OTP) authentication based on advanced security solutions, such as soft OTP, Token, advanced Token, biometric verification, etc. The regulation aims to improve security of online banking services and minimize risks of online payment.

In order to satisfy customers’ demand, VIB has recently launched MyVIB Smart OTP helping to get OTP directly through MyVIB mobile banking application, instead of SMS or Token. This provides customers with more choices when making online transactions.

The outstanding advantage of MyVIB Smart OTP is that it does not require mobile phone services, enabling customers who travel or work abroad without using roaming service to make quick banking transactions.

In fact, there are some banks applying OTP generation software. However, with VIB’s Smart OTP application, customers do not need to open the app to get OTP, they just need to enter PIN of MyVIB Smart OTP app directly on MyVIB application, then OTP will be automatically filled in. Therefore, customers do not have to move between applications while making transactions as well as remembering OTP, helping them save time.

In addition, MyVIB Smart OTP can identify high value transactions and provide appropriate advanced OTP. Hence, the protection ability for transaction is more improved.

This solution is not only aimed to support Vietnamese Government’s cash restriction policy and comply with the Decision 630, but also bring about advanced, secured and convenient technology experience to customers using online transactions, said the representative of VIB.

Customers can register MyVIB Smart OTP service directly on MyVIB application with 2 simple steps without going to the bank’s branches and use it for free.

Besides MyVIB Smart OTP solution for individual customers, VIB also offers advanced Token OTP  (OTP Display Card) with the same functions for corporate customers.

With many achievements in digital banking, VIB has been consecutively awarded by international organizations (Global Banking & Review Finance, The Asset, IDG,...) to recognize the bank’s endless efforts in implementing advanced technologies to bring the best experiences to customers.