MoMo cooperates with BIDV, bringing banking products to the super app

API and Open Banking: Benefits for Users, Banks and Fintech

API (Application Programming Interface) in the banking sector acts as an intermediary gateway, connecting customer accounts and allowing access, retrieval, and reconciliation of transactions to ensure the accuracy of information. Open Banking operates through the use of API source code, granting access to payment partners, Fintech such as MoMo,... as third parties providing banking services/products.

Mr. Do Quang Thuan (right), Senior Deputy General Director, Head of Financial Services Division of MoMo, signed a memorandum of understanding on comprehensive cooperation with BIDV Open API on November 29, 2023.

Thanks to this flexibility, Open Banking can strongly promote financial services, making access to banking services easier for users, thereby creating a symbiotic force that penetrates deeply into every aspect of the economy .

It can be said that the "API and Open Banking" couple brings outstanding benefits to 3 parties: Banks, Fintech and users.

Firstly, the main strengths of Open Banking lie in convenience and speed, along with the ability to personalize and flexibly, when users can easily access banking data and services from any platform quickly, regardless of location or time. For example, they can look up information without having to go to the bank during business hours.

In addition, the seamless experience is also an advantage, allowing the connection of banking products from many different sources, helping them manage personal finances more intelligently and effectively.

Second, APIs not only help banks expand their markets and reach a wider range of customers, but also allow them to leverage the advantages of Fintech to develop new products and services to meet increasingly diverse customer needs. For example, customers can access services such as credit cards, consumer loans, and even savings books right on the Fintech platform.

Finally, the Open Banking platform enables Fintechs to access diverse banking services, promote innovation and development of newer services/products. This provides a favorable opportunity for businesses, especially small and medium enterprises (SMEs) to access and use financial leverage effectively.

Explore open banking services right on MoMo

When the outstanding benefits of open source API and Open Banking completely match the top criteria that MoMo always focuses on to bring the best experience to customers, this has created a 'fate' MoMo - BIDV. As an extension of the bank, from now on MoMo users can easily access BIDV banking services including: online and offline payments, public payments, collection/disbursement services, eKYC to open payment accounts, open BIDV credit cards, and in the near future, check balances at BIDV.

BIDV customers can also experience fast and easy payments on MoMo, especially at stores without POS card readers. In the future, easy balance checking at BIDV will help customers plan their money use more intelligently on the MoMo platform, such as spending, investing, saving, or borrowing money.

With MoMo, users can see their payment accounts, investments, and in the future, loans and credit debts on a single platform, which also helps them evaluate and manage their assets effectively.

Source link: https://thanhnien.vn/momo-hop-tac-bidv-dua-san-pham-ngan-hang-len-sieu-ung-dung-185231206090245088.htm