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E-banking Service Platform New Chinese Offering From Yucheng
March 17, 2008 |
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Yucheng Technologies (YTEC) has signed an agreement with China Financial Certification Authority, China's regulatory agency for secured online transactions, to jointly launch an e-banking platform to serve city commercial banks and rural credit unions in China.
Under the agreement, Yucheng will deploy the necessary hardware and its e-banking solutions under an application service provider model, which will allow subscribing banks to leverage shared processing infrastructure to enable processing of online banking transactions, thereby expanding the range of services offered to their end customers.
Weidong Hong, the CEO of Yucheng stated, "We are excited to introduce our e-banking ASP platform and our partnership with CFCA. As a commitment to better serve the city commercial banks and city/rural credit unions in China, we are now offering our market-leading e-banking solutions on an ASP platform to significantly reduce the total cost of ownership to our target clients."
CFCA will host and maintain the e-banking platform to ensure the highest level of transaction security and service availability. In exchange of the services, clients are expected to pay a fixed annual fee for hosting and maintenance, as well as to share with Yucheng and CFCA revenues generated through transactions on the ASP platform. As part of the agreement, Yucheng will also provide customization to the ASP platform per request of the clients, and is expected to receive fees in relation to such customization.
The platform will allow banks to avoid costly dedicated infrastructure, as well as provide them with best-in-class applications, support and maintenance, together with the highest standard for transaction security in China today.
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