Huawei establishes fintech open platform ecosystem
27 July 2015 | 4445 views | 0
Huawei recently announced that it will partner with eleven of the world’s leading banking IT solution providers to establish an open platform ecosystem for the finance industry at Huawei’s Global Financial Services Industry (FSI) Summit 2015 in Beijing, China.
The partners include Accenture (China) Co. Ltd, Beijing Advanced Digital Technology (ADTEC) Co. Ltd, Beijing Yucheng Technologies Co. Ltd, Beiming Software Co. Ltd, DHC Software Co. Ltd, Deloitte Business Advisory Services Limited, Digital China System Integration Service Company Limited, First Data Corporation, Infosys Technologies Company Limited, Micro Focus Corporation, and Worldline Technologies Company Limited. The companies will combine efforts in IT infrastructure innovation based on customer needs to support an IT-driven revolution within the financial industry.
The kick-off ceremony for the open ecosystem was hosted at the FSI Summit and attended by more than thirty companies and financial institutions that are interested in participating in the open platform ecosystem.
During the ceremony, David He, President, Marketing and Solution Sales, Enterprise Business Group, Huawei, said, “In line with Huawei’s Business-Driven ICT Infrastructure (BDII) guiding principle, the new ecosystem is designed to address the IT transformation needs of financial organizations. The new ecosystem promotes BDII within the financial industry by enabling our partners to focus on their core competencies. For example, consulting firms, application vendors, and system integrators will be able to leverage their in-depth understanding and practical experience around industry applications, while Huawei, as a hardware platform provider, will focus on ICT infrastructure.”
Accelerating open architecture transformation in banking industry
The difficulty of expanding IT systems combined with the slow response speed of traditional closed IT architecture supported by mainframe machines has significantly restricted the rapid evolution of financial organizations.
In comparison, Internet companies have achieved great success by deploying cloud computing and open architecture. This has inspired a new way for commercial banks to tackle business system challenges, enabling a limitless expansion of system processing capabilities by deploying open source software and distributed processing architecture.
The performance and reliability of standardized infrastructure, including x86 servers, is improving day-by-day, and enables infrastructure to support a reliable operating environment for banking applications.
Open platform IT architecture is safe, reliable, flexible, agile, and features strong expansion capabilities, enabling uninterrupted operations and can handle large amounts of concurrent transactions in real-time.
By launching the open platform ecosystem for the finance industry, Huawei and its partners will help financial institutions migrate from closed to open IT architecture to enable enhanced customer experience and convenient service innovations in a safe and reliable operating environment.
As part of the collaboration, Huawei is working with other members of the ecosystem to launch a range of open platform-based solutions for the finance industry, including an online banking cloud (based on private cloud architecture for finance), a credit loan cloud, a direct banking cloud, a micro-and-small-loan service cloud, a core account cloud, a credit card core application cloud, as well as mobile teller and home banking capabilities. These solutions have helped companies including Spain’s stock market and financial systems operator Bolsas y Mercados Españoles (BME) establish a highly efficient stock trading system based on a cloud platform, and facilitated the internet finance transformation of CITIC Trust Co., Ltd.
At the summit, Wang Hongfeng, General Manager, Finance Solutions, Enterprise Business Group, Huawei, said, “Huawei facilitates IT architecture transformation within the finance industry by providing highly reliable x86 cluster systems to support core transaction systems, in addition to cloud architecture for finance that supports the transformation of the business and processes of banks. Huawei also provides platform resources support through our open labs, innovation centers, authentication centers, and secondary development and remote support. Through cross-practice cooperation, Huawei hopes to speed up the evolution toward open platform architecture in the financial services industry.”
After the ecosystem’s kick-off ceremony, representative from banks and independent financial services software vendors (ISVs) gathered to share insights and best practices on the future of IT architecture transformation. The participants explored topics such as the Agricultural Bank of China’s IT architecture transformation, Yucheng Technologies’ concept for next-generation internet banking and its financial cloud application model, First Data Corporation’s next-generation open platform credit card solution based on Huawei’s high-performance servers and Micro Focus middleware, ADTEC’s big data solution, and ESB (Enterprise Service Bus)’s solution based on Huawei’s private cloud architecture.