Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China's banking industry, today announced that it will develop an integrated core banking platform for Shanxi Rural Credit Union (SRCU) worth USD 7.7 million.
Yucheng's integrated core banking solution will assimilate data from SRCU's 3,200 outlets to provide bank management with a consolidated view of transactional data. The solution includes a variety of related systems, such as an interbank payment system, a non-tax revenue system, a data-share system among nationwide credit unions, as well as an automatic data reporting system to the China Banking Regulatory Commission (CBRC) and the People's Bank of China.
SRCU's goal for the new platform deployed by Yucheng is to streamline and transform operations, enhance customer service and create targeted revenue opportunities. The new unified system incorporates comprehensive functionalities which will enable SRCU to offer seamless service integration across previously stand-alone business channels and underlying systems.
Mr. Weidong Hong, CEO of Yucheng Technologies stated, "We believe that our success with Hunan Rural Credit Union's core banking system and our recent win with SRCU confirm Yucheng's leadership as a core banking solutions provider to small and medium-sized banks in China. Our strong track record in delivering successful banking solution suites, will hopefully serve as the basis for continued cooperation as SRCU expands its IT capabilities."