3.1. Establishment and general description of the company
3.1.5 Advantages of HaanJSC in the technogical basis
Complete finance switching network of HaanJSC
The core finance switching network of HaanJSC has been completed and connected successfully with the telecommunication companies like MobiFone, VinaPhone and Viettel.
Telecommunication systems are always the kind of system that requires the highest level of security and technical capacity – even more than the banking systems because of the continuous update function of the mobile fee as well as the huge quantity of transaction and data flows through.
The succesfull connection with the telecommunication companies has proved the high level of technical capacity of HaanJSC. On the other hand, this is also conducive to the approach and connection with the banking system because:
o The security capacity and technical capacity of HaanJSC system has been claimed, approved and verified by the three mentioned telecommunication companies.
o HaanJSC has the ability to provide value added services for Banks in which there are prepaid mobile services and many more others.
Features of the finance switching system developed by HaanJSC The technical update capacity
With total diference from current Vietnamese payment system, the technical core system of HaanJSC does not base on the technological basis that has been used to build up the InternetBanking service that banks are now using, which accords to some reasons:
o The old card technology and the method of using card for payment is starting to get old-fashioned. Physical debit/credit card and the Authentication/Verification method to identify users are only suitable for the ATM but not on the Web environment and has shown to be extremely insecure. The figure 3.7% of the customers who conduct transactions suffer from hacking and abusement in MasterCard or Visa services have partly claimed this idea.
The cards are not safe at all, especially when it is taken away and may be used illegally with Internet transactions.
o E-wallet has become popular. Almost all online transactions via Internet Banking in Vietnam have stopped using card to move to other more advanced verification tools like SMS, Token key or RSA and many others. The technological basis for these kinds of verification is ready to be launched and mature.
o The ability to integrate e-wallet into personal mobie phones is just a matter of time and is the propect for the next three years. The only remaining problem of this is the assurance for accounts security for the situation in which the individual lost his or her phones and the security for the application on the phones and completely solve the problem in the near future.
o The banks do not want to do any further investments in the ATM business because initial cost and maintenance were so high. The merchants who accept the card payment are not also invested strongly if we put it in comparison with approximately zero cost if Internet Banking is used.
o The substitutes are coming to fruition. Let’s imagine a situation in which individuals cell phones are used to access the Internet and make payment for any products in
the super market even before the check out. That is the thing that HaanJSC is trying to develop to serve future needs.
With the professional knowledge about the other systems, the technical team of HaanJSC have developed their own one with the direction of best integrate with each Internet Banking system. This will help the interbank money transference using HaanJSC system to become so convenient and compatible with online transactions channel. This will lead to the following result:
o The system is not going to become bulky and insecure like the projects that base on card technology.
o The compatibility and flexibility in the fact that HaanJSC totally uses authentication/verification systems of banks when conducting transactions give them some advantages:
a. Do not have the responsibility to store information of users – minimizing the cost of storing and security system investment.
b. Do not have the legal responsibility in case of unexpected situation due to the centralization of money holding accounts in the banks.
c. Minimize the cost and time for technical connection for each bank.
Ability to expand and upgrade
With such a light but firm and stable system, HaanJSC has very easy task in upgrading and expanding theirs. The general principles of HaanJSC system is the plug-in one that can be described as a “burger” with these following features:
o The whole system is built on only one axis. This only has one task and that is routing financial message (data).
o The data layers before coming to the routing axis are normalized (chuẩn hóa) and have only these attributes:
a. Source account of the transaction.
b. Destination account of the transaction.
c. Detail about paid order.
o Before normalization process, the modules including encoding/ decoding, active protocol and data type switching is activated so that the system can “understand” the request from users, banks and service providers.
All the adapters to the service provider or banks can be disabled and enabled withour rebuilding or shut down. The maintenance or upgrade therefore do not affect other services from other providers or banks.
The additional service setup only needs to obey technical standard that the system has pointed out base on international standards.
Minimize the maintenance cost
The successful implementation and construction the core system of HaanJSC as the criteria and description above economize a huge amount of cost used to develop, run and upgrade. The light, powerful and yet highly compatible system will be more secure and effective in running in comparison with the others.