China UnionPay Launches Cloud Platform for Financial Services

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Payments giant China UnionPay has just launched its own “financial-grade” cloud services platform to facilitate the further digtiization of banking and payments services.

UnionPay officially launched its “UnionPay Cloud” (银联云) platform at the Shanghai Fintech International Forum on 9 December, billing it as a “financial-grade cloud services platform.”

According to UnionPay the goal of UnionPay Cloud is to support financial institutions such as commercial banks and payment companies in resolving their architecture transformations, and to provide foundational support for their products and services to penetrate the market.

It highlighted four key traits of UnionPay Cloud including: i) stability and reliability, ii) financial grade security, iii) independence and controllability, iv) smart openness.

UnionPay first began to research cloud computing technology in 2009, and at present has over 500 cloud based system to support its domestic and international payments services.

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