Chinese fintech Ant Financial Services Group has released its Distributed Core Banking Platform(DCBP) along with Jiangsu- based Hoperun Technology Corporation.

The company states that the new DCBP solution has been built on bPass (Business Platform as a Service) product, which enables financial institutions to benefit from Ant Financial’s capabilities in product management, asset management, capital verification and full-link pressure tests. Ant Financial aims to combine these capabilities with Hoperun’s experience in the finance industry while enhancing the DCBP solution.

Liu Weiguang, vice president of Ant Financial, said: “We have enjoyed working with Hoperun to develop this product which marks a milestone for Ant Financial technology. This is just the first of many collaborations that we plan to form with other talented partners that will enable us to provide better technology solutions to the challenges faced by financial institutions.”

According to the supplier, the platform has been designed to help financial institutions transform their transaction-centric business models to a customer-centric one. It enables the institutions to tackle digital challenges, including distributed development, financial product management and accounting liquidation.

Chen Bin, president of Hoperun Information Technology, said: “Hoperun and Ant Financial share a deep understanding of the financial industry, which is why we were keen to join hands to develop DCBP. This solution will help empower financial institutions to customize new business applications and accelerate their innovations.”

Founded in 2014, Ant Financial is an online payment services provider that enables individuals and businesses to execute payments online in a secure manner.

by Megha Bhattacharya
Market Analyst at IBS Intelligence