News and Research on Longtop Financial Technologies Limited (LFT)
Business Description
Longtop Financial Technologies Limited develops software solutions and information technology (IT) services for the financial services industry in China.
The company offers software solutions in various categories, including channel-related solutions, business-related solutions, management-related solutions and other value-added solutions, covering major categories of information technology requirements for financial institutions in China.
In 2006, the company acquired Advanced Business Services (Beijing) Co., Ltd., an integration services provider located in Beijing. In January 2007, the company collaborated with Xiamen University, a university in finance in China, on the research of trends in the financial services industry.
Solutions and Services
SOFTWARE DEVELOPMENT
Custom-designed software development: The company provides custom-designed software solutions to address a range of financial institution IT needs. Its primary clients for custom-designed solutions are national banks. Its development team translates business needs into software protocols and, after repeated testing, into workable solutions.
The company leverages its customized software development efforts, including related platforms, modules, or elements, and its internal research and development efforts, to develop standardized solutions.
The company offers its services in various categories, including channel-related solutions, business-related solutions, management-related solutions and other value-added solutions.
Channel-Related Solutions
These solutions enable banks to service their customers through a combination of ATMs, traditional bank tellers, call centers, and online banking.
Business-Related Solutions
These include solutions for international trade finance system, SWIFT (payment and settlement), and factoring.
Management-Related Solutions
The company’s solution coverage includes business intelligence systems, enterprise resources management and risk management that are classified as management-related solutions. It provides business intelligence solutions such as anti-money laundering software and data analysis software.
Its credit management solutions assist banks in managing, and minimizing risk associated with a range of loan solutions, including commercial loans, housing loans and personal loans. It also offers other management solutions such as human resource management and work-flow management.
Other Value-Added Solutions
The company offers its banking and non-banking clients with various solutions such as payroll management for public sector employees.
OTHER SERVICES
The company’s other services are divided into two segments: ATM maintenance services and ancillary services. Ancillary services include system integration services and miscellaneous services such as consulting, IT system management and other supplementary technology-related services.
ATM maintenance services: The company provides ATM maintenance and support services to banks. It services major brands of ATMs, including those manufactured by Diebold, Fujitsu, NCR, Nixdorf and Wincor.
System integration services: The company provides integration services to its clients to assist them in the procurement and installation of hardware and software that meet their system requirements. Its tasks include providing consulting services to clients to assess their system requirements, management of supplier relationships and bidding processes, contract negotiations and testing and acceptance of third party software and hardware. It has technical certifications to install and implement third-party products from major international technology companies, including BEA, BMC, Cisco, EMC, Dell, Diebold, IBM, Microsoft, Nortel and Oracle.
Miscellaneous services: Through its ITSM services, the company offers its clients value-added consulting services regarding configuration and system change management, security management, crisis management and information technology asset management. It also offers various consulting and supplementary technology-related services.
Markets
The company has sales offices in Xiamen, Beijing and Shanghai.
Suppliers
In its systems integration business, the company procures hardware and software through the original equipment manufacturer’s approved distributors in China, such as Digital China.
Customers
The company’s clients include China Construction Bank, Agricultural Bank of China and Bank of China.
Competition
The company’s competitors include Accenture, BearingPoint Inc., IBM Corporation Global Solutions, TCS/FNS, Digital China Holdings Limited, Yucheng Technology, Huateng Software and Sunyard.
In ATM maintenance service, the company faces competition from Diebold, Digital China Holdings Limited, IBM, Nantian Electronic Information Co., Ltd., NCR and The GRG Yuntong Banking Equipment Co., Ltd. Its competitors in the market for systems integration include Beijing Sihitech Co., Ltd. and Shenzhen Huayuchang International Scientific & Educational Development Co., Ltd.
History
Longtop Financial Technologies Limited was founded in 1996.
