Case Study
NRAST
How DTN E-com and IFC Revolutionised Transaction Processes with a Decade of Collaboration
In partnership with IFC/World Bank, DTN E-com has played a pivotal role in modernising Vietnam’s secured transaction system. Since 2010, our work with the National Registration Agency for Secured Transactions (NRAST) has transformed a paper-based, manual process into a cutting-edge digital platform, making transactions faster, more secure, and accessible.
Through innovative solutions like online payments, digital signatures, and seamless integration with public service portals, NRAST now empowers businesses across Vietnam with easier access to credit and a streamlined registration process.
Challenges Before Transformation
Before DTN’s involvement, Vietnam’s transaction system faced significant challenges:
- Manual Processes: Registration required physical visits to centres in Hanoi, Ho Chi Minh City, or Da Nang, causing delays.
- Data Accessibility Issues: Real-time updates were unavailable, leading to inefficiencies.
- Lack of User-Friendly Tools: Businesses struggled with cumbersome paperwork and complex procedures.
The delegation from Africa learned about the NRAST project through the presentation given by Mr. Tony Nguyen – CEO of DTN E-com
Solutions Delivered by DTN
Launch of the First Digital Platform
In 2012, DTN developed Vietnam’s first online secured transaction registry, enabling businesses to register and search agreements remotely. This platform drastically reduced the time and resources required for registrations.
Major System Upgrade in 2016
To improve performance and usability, DTN implemented a substantial system overhaul, introducing:
- An intuitive interface for seamless navigation.
- Mobile compatibility, ensuring accessibility across devices.
Online Payments and Digital Signatures
In 2020, DTN integrated advanced features such as:
- Online payment gateways supporting both international and local bank cards.
- Digital signatures for secure and efficient processing, eliminating paperwork.
Public Service Portal Integration
With Single Sign-On (SSO) capabilities, users could access NRAST via the Vietnam National Public Service Portal, streamlining authentication and reducing friction in the user journey.
Key Features and Benefits
The NRAST platform’s transformation introduced:
- User-Centric Design: Simplified navigation and streamlined workflows for users.
- Secure Digital Processes: Online payments and digital signatures enhanced trust and efficiency.
- Wider Accessibility: Mobile and browser compatibility made the system accessible to all.
- Real-Time Synchronisation: Improved data accuracy and processing speed for registrations.
Impressive Results
Increased Adoption and Confidence
A steady rise in secured transaction registrations reflects growing trust in the NRAST platform, which businesses now rely on as a critical resource.
Operational Efficiency
Shifting from manual to digital processes significantly reduced administrative overhead and errors, accelerating transaction processing times.
Enhanced User Experience
The platform, with its mobile access, intuitive design, and public portal integration, catered to a broader audience, improving satisfaction and engagement.
NRAST’s total new (initial) registration during 2000-2022
NRAST’s total registration during 2000-2022
Conclusion
Vietnam’s transformation of its secured transaction system is a testament to the power of innovation and collaboration. By partnering with IFC and leveraging DTN’s expertise, NRAST transformed into a modern digital platform that meets the demands of today’s businesses.
DTN E-com offers a proven track record of success for organisations seeking e-commerce solutions to optimise processes, increase accessibility, and enhance user experiences.
Contact us today to learn how we can revolutionise your platform and drive your digital transformation journey.
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