CLPS Incorporation (Nasdaq: CLPS) (“CLPS” or “the Company”), a leading information technology consulting and solutions service provider focusing on the banking, insurance, and financial sectors in China and globally, today provided an update on its most recent cloud computing research and development efforts.
CLPS has recently upgraded its credit card system product and is currently on its final phase of testing. Through the joint effort of CLPS’s Research Institute and Credit Card Service teams, the essential parts of the system will be migrated to the cloud platform.
Advancements in cloud computing and the application of financial cloud technology have enabled banks to improve their business efficiency, reduce IT costs, innovate their business models, and optimize the customer experience. Cloud computing will be widely utilized within the banking platform moving forward and the migration of banking systems to the cloud platform has become an exciting area of growth within the overall fintech industry.
CLPS’s credit card system product provides a set of end-to-end solutions for banks and online financial institutions. It covers all credit card business processes and functions including application, authorization, account processing, embossing, settlement, risk control, collection, customer service, among other functions and applications. It also enjoys the advantage of fast deployment and easy customization.
CLPS’s cloud-based upgrade utilizes a combination of the legacy host system and open source platforms currently used in an integrated architecture of large-scale banking systems. Functions such as the point management system will be migrated to the cloud platform, and enable real-time processing and international operational support.
After the upgrade, CLPS’s new product platform will leverage the advantages of cloud computing. Combined with the micro-service application, it paves the way to achieve dynamic horizontal and vertical expansions, resulting in improved performance, reliability, utilization of resources, and significantly reduced infrastructure costs. It also improves the display interface, gated launch and other features that enhance the user experience. In addition, the new product platform adopts the Open-API, or Application Program Interface, concept to provide ample APIs to facilitate the connection between channels, merchants and enterprises. The upgrade also includes an integrated monitoring platform that covers comprehensive monitoring and an early warning signal of basic settings and business transactions which allow clients to quickly locate and solve problems.
Ms. Jing Zhao, Vice President of CLPS Research Institute, said, “We are pleased to provide this upgrade to existing and potential customers. Our upgraded credit card system is designed based on micro-service architecture. We gradually migrated the system to the cloud platform to ensure stability of the existing system while completing the upgrade. We also utilize the DevOps system to control the entire product life-cycle which guarantees product quality and improves development, operations and maintenance efficiency.”
Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, “The migration of CLPS’s credit card system product to the cloud platform has attracted notable attention from our clients. Our initial plan is to promote the product to customers based in the Southeast Asia region to help our overseas clients meet the ever changing market demand in the internet age and embrace the advent of cloud computing era. We believe that this upgrade can help enhance customer loyalty, expand our client base and contribute to our financial performance over time.”