VIETNAM NATIONAL UNIVERSITY, HANOI
INTERNATIONAL SCHOOL
=============
HOANG VAN HIEU
ADOPTION AND IMPLEMENTATION OF
ISO20022 IN INTERNATIONAL REMITTANCE
SERVICES AT BIDV PAYMENT CENTER:
CHALLENGES AND OPPORTUNITIES
Program: Financial Management
Code: 8340202.01QTD
Supervisor: Dr. Le Huong Linh
Hanoi - 2025
i
DECLARATION OF AUTHORSHIP
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I hereby declare that this thesis was carried out by myself under the
guidance and supervision of Dr. Le Huong Linh; and that the work
contained in it and the results in it are true by the author and have not
violated research ethics. The data and figures presented in this thesis are for
analysis, comments, and evaluations from various resources by my own
work and have been duly acknowledged in the reference part.
In addition, other comments, reviews and data used by other authors,
and organizations have been acknowledged and explicitly cited.
I will take full responsibility for any fraud detected in my thesis.
ii
ACKNOWLEDGEMENT
I take this opportunity to thank all lecturers of International School – Vietnam
National University who made a contribution in my post-graduate period for the last
2 years.
I would especially like to express my sincere gratitude to my supervisor, Dr. Le
Huong Linh, whose great efforts have contributed significantly to my thesis. A huge
thank you to her for her support and guidance through the dissertation process.
Without your contribution, this research would not have been possible.
I am greatly indebted to my colleagues and workmate in BIDV for your huge support
and allowance to access working data so I can gather enough material to complete
my thesis. Special thanks go to all Payment Center staff who spent their precious time
answering my survey and responding to the interview guide.
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TABLE OF CONTENTS
DECLARATION OF AUTHORSHIP ..................................................................... i
ACKNOWLEDGEMENT ........................................................................................ ii
SUMMARY .............................................................................................................. vi
CHAPTER I. INTRODUCTION ............................................................................. 1
1.1. Background to the study ........................................................................................................ 1
1.2. Research questions and research objectives ........................................................................ 2
1.3. Scope of research .................................................................................................................... 3
1.4. Research methods .................................................................................................................. 3
1.4.1. Case Study method ........................................................................................................... 4
1.4.2. Qualitative interview and discussion ............................................................................... 5
1.4.3. SWOT analysis ................................................................................................................. 6
CHAPTER II. LITERATURE REVIEW ............................................................... 7
2.1. The concept of ISO20022 ....................................................................................................... 7
2.2. Electronic funds transfer payment ....................................................................................... 8
2.3. Technology acceptance model theory ................................................................................... 9
2.4. ISO20022 compared to other standards and formats .......................................................10
2.5. The component of ISO20022 message ................................................................................12
2.6. Theoretical Gap in Existing Literature ..............................................................................13
2.7. Success factors and potential challenges faced by banking institutions when adopting
ISO20022 for payments ..............................................................................................................14
CHAPTER III. RESEARCH METHODOLOGY ............................................... 17
3.1. Introduction ..........................................................................................................................17
3.2. Research design ....................................................................................................................17
3.3. Methods of the research.......................................................................................................17
3.3.1. Types of data ................................................................................................................... 17
3.3.2. Survey design .................................................................................................................. 18
3.3.3. Interview design.............................................................................................................. 20
3.3.4. Focused group ................................................................................................................ 23
CHAPTER IV: ANALYSIS AND INTERPRETATION OF FINDINGS
BEFORE AND AFTER THE IMPLEMENTATION OF ISO20022 ................. 24
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4.1. Before the implementation of ISO20022 at BIDV .............................................................24
4.1.1. Payment rejections and inquiries................................................................................. 24
4.1.2. Difficulty in managing payment message formats. .................................................... 25
4.1.3. Inexistence of controls ................................................................................................... 26
4.1.4. Inefficient bank reconciliation process ........................................................................ 27
4.2. The adoption and implementation plan of BIDV ..............................................................30
4.2.1. SWIFT implementation roadmap of ISO20022 suggestion ...........................................30
4.2.2. ISO20022 implementation plan of other financial institutions .....................................30
4.2.3. BIDV implementation plan ..............................................................................................30
4.2.3.1. Full migration ............................................................................................................. 32
4.2.3.2. Simple translation ....................................................................................................... 33
4.2.3.3. Bridged translation ...................................................................................................... 33
4.2.4. BIDV implementation process .........................................................................................35
4.2.4.1. Preparation work for the application phase of the bridging translation ............ 35
4.2.4.2. The usage of the Transaction Manager platform ............................................... 36
4.2.4.3. BIDV to-do list for bridged translation ............................................................... 36
4.2.5. Workdone of BIDV ISO20022 team for bridging translation .......................................37
4.2.5.1. Adoption phase ............................................................................................................ 37
4.2.5.2. Implementation phase ................................................................................................. 38
4.3. After the implementation of ISO20022 at BIDV ...............................................................40
4.3.1. The results after the implementation of ISO20022 at BIDV .........................................40
4.3.2. Evaluation the impact and adoption of ISO20022 implementation to BIDV staff. ..............43
4.3.3. SWOT analysis for recommended strategy for successful implementation of ISO20022
.......................................................................................................................................................50
4.3.3.1. SWOT analysis ............................................................................................................ 50
4.3.3.2. Strategies for Success Based on the SWOT Analysis:............................................. 53
CHAPTER V: CONCLUSION .............................................................................. 59
5.1. Contribution of the study ....................................................................................................60
5.2. Limitation of the study ........................................................................................................61
5.3. Future work ..........................................................................................................................61
LIST OF REFERENCES ......................................................................................... 1
APPENDIX ................................................................................................................ 5
Appendix 1: The survey for BIDV staff .................................................................. 5
