The Vietnam Joint-stock Commercial  Bank for Private Enterprises (VPBank) will develop the T24 Core Banking System software, supplied by a Swiss corporation, to improve its services and quickly respond to customers' requirements, said VPBank's General Director Le Dac Son.

The purchase contract was signed between VPBank and Temenos corporation in Hanoi on April 24.

The system is expected to be applied to all VPBank's branches in the next 18 months. Based on the technology, VPBank will introduce new services such as phone and Internet banking, Mr Son added.

The T24 Core Banking System software is a banking technology that supports bank management and services, such as customer database management and financial report generation. Other Vietnamese joint-stock banks, which are applying the technology, include the Technology and Commercial Bank (Techcombank), Sai Gon Commercial Bank (Sacombank), Military Bank (MB Bank) and Southeast Asia Bank (SeABank).