Category: News

The transaction-level general ledger has created a new model for bank IT system and Sunline is the undeniable pioneer of this model.

Prior to 2015, banks generally adopted accounting models based on bundled transactions. However, as banks’ businesses expanded, numerous issues resulted from account processing have ultimately affected customer service quality. Hence, the separation of transactions and accounting have become the consensus in the industry and banks have started to implement the structure of transaction and accounting subsystems.

In 2016, under the urgency of major expansion on the financial industry, a temporary measure to separate prices and taxes in accounting were implemented. However, due to the numerous issues along the way, the industry quickly realized this accounting method cannot cope with large-scale accounting changes.

Sunline creates a new model of transaction-level general ledger

In the case where a system architecture has obviously hindered the development of the business, any form of repair measures is a waste of money – the only resolve is to target the underlying issue!

Based on the company’s deep understanding on banks’ businesses and their IT architecture, Sunline has developed a new generation transaction-level general ledger model, created exclusively to achieve a complete separation of transactions and accounting. This has become banks’ preferred model for the construction of new generation IT systems.

The transaction-level general ledger supports multiple ways to integrate with the transaction system. At the same time, the ledger can be flexibly configured and can be easily adapted to business expansion, systematically handling detailed accounting of various bank’s businesses.

Sunline’s transaction-level general ledger is developed to fit the needs of banking customers. It not only realizes the integration of customer accounts and accounting books, but also solved common problems such as inaccurate accounting, insufficient granularity and missing dimensional information. A multi-criteria and multi-dimensional detailed ledger system provide a good data foundation for bank performance evaluation, business decision analysis and information disclosure.

Data Speaks Volume

Sunline’s transaction-level general ledger accounts for 80% of the market share

The market development has accelerated significantly in recent years and more banks have begun to adopt transaction-level general ledger systems. According to statistics, more than 50 banks across China have restructured their IT systems based on transaction-level general ledger accounts since 2015, of which Sunline has dominated more than 80% of the market share. At present, Sunline has provided transaction-level general ledger solutions to more than 40 bank customers including China Agricultural Development Bank, Guangfa Bank, Ping An Bank, and Heng Feng Bank.

Ever since Sunline launched their transaction-level general ledger in 2015, the organization has landed more than 10 general ledger projects annually.

In the recent 2019 annual closing, Sunline has supported dozens of banks to complete their annual closing quickly and smoothly. With their mature products and solutions, rich experience in banks’ core business systems as well as comprehensive implementation methodologies, Sunline has continuously display outstanding implementation and delivery capabilities. Sunline’s transaction-level general ledger has achieved satisfactory operation results for customers. 

Outstanding Results

Sunline builds one benchmark project after another

As the pioneer of the transaction-level general ledger model, Sunline has always maintained high investment in the research and development of the product. The continuous technology and innovation have helped bank in their digital transformation journey. Sunline is far ahead in the industry and has built multiple benchmark projects:

01
Extreme processing performance – Guangfa Bank
In order to greatly improve the bank’s transaction processing performance for joint-stock banks such as Guangfa Bank, a distributed architecture was introduced and implemented. The high processing performance of this ledger system that supports billion-level transactions per hour is definitely an industry leader.

02
Tax separation in VAT reform – Zhengzhou Bank
In 2016, Zhengzhou Bank’s transaction-level general ledger project implemented by Sunline has started operation. This is the first case of tax separation in VAT reform in the transaction-level general ledger and has prevented disturbance of the IT architecture by plug-ins. This is a great reference for the industry.

03
Powerful product innovation – Hubei Bank
The powerful processing abilities of Hubei Bank’s transaction-level general ledger project implemented by Sunline has greatly enhanced the bank’s product innovation capabilities. Design and release of a new business product has been reduced from months to only 2 weeks, greatly reducing the product innovation cycle.

04
Bank-wide accounting processing platform – Jiujiang Bank

The transaction-level general ledger project of Jiujiang Bank has allowed the bank to unify accounting and processing functions for more than a dozen bank businesses. This not only reduces work pressure, but also reduces the error rate. Changes in tax and accounting standards can be processed effectively. Sunline’s transaction-level general ledger has become the bank’s entire business and accounting business processing platform.

Providing the most suitable solutions and maximizing value creation for customers will always be Sunline’s core values in completing each project.

Sunline Provides an End-to-end Solution for the Financial Industry

As a global fintech solutions provider, Sunline has been focusing on the financial industry since its establishment. Over the years, the organization has also been gaining experiences and knowledge via implementations of banking projects. Their rich experience in banks’ businesses and IT architecture has laid a solid foundation for the development of their new generation transaction-level general ledger.

Sunline places great importance to the comprehensiveness and integrity of their solutions and always strives to create the most comprehensive solutions for the industry. Sunline offers comprehensive solutions for financial business, providing one-stop services for global financial institutions.

Sunline has emerged as the winner of Outstanding Fintech Solution in the 2019 Golden Tripod Award. The results were announced during the China International Financial Exhibition 2019 late last year. As a leading global banking software and technology services company, Sunline has pioneered many innovations in this space, leveraging on technology and experiences to build its brand influence, core competitiveness and successful application cases. 

Sunline’s self-developed Core Banking System is the first distributed banking system in China. The system is built with distributed technology and microservices architecture that integrates product design, operation models and scenarios which greatly increases the capacity of the system. Besides being highly agile and flexible, the system also has a strong data consistency, automated operation and maintenance as well as risk control, which can fully support banks to remain top performing in the digital age. 

Sunline has always maintained a leading position in the financial industry and has pioneered many innovations in its Distributed Core Banking System, serving state-owned banks, joint-stock banks, commercial banks, foreign banks, private banks as well as provincial rural credit cooperatives. Sunline’s Distributed Core Banking System have helped banks garner authoritative awards including Asia’s Leader in Core Innovation in 2018 IDC Financial Insights Innovation Awards (FIIA) and Best Innovation Award in 2019 IDC Financial Industry Technology Application Scenarios.

In 2019, Sunline’s Distributed Core Banking System has transformed 7 major banks, landing 16 projects for the company. This fully demonstrates Sunline’s strong market competitiveness as well as the organization’s outstanding implementation and delivery capabilities.

Being presented the Golden Tripod Award not only brings glory to the organization but also a huge driving force for continuous improvements. Sunline will continue to constantly reinvent its solutions by integrating latest technology trends with industry best practices to provide comprehensive and secure financial solutions for the financial industry.

Thousands of global executives from the financial industry convened at the three-day Huawei Connect 2019 summit in Shanghai on September 18 to 20 to discover cutting-edge technologies and best practices as the industry enters into the era of Bank 4.0. Sunline was invited as one of Huawei’s ecosystem partner to share their invaluable information and insights in digital transformation.

Bank 4.0 as predicted by writer Brett King, realizes “banking everywhere, never at a bank” through the B-2-B-2-C business model. In this era, customers’ expectations are higher than ever as services everywhere, anytime is becoming the new benchmark. Banks’ ‘one-product-fits-all’ approach will no longer work, instead collaborations with third party vendors are key to winning over and retaining customers. For the foreseeable future, banking will continue moving forwards towards all-digital, and to remain top performing, they will have to strive for a hyper scale and hyper performing banking system.

At present, many banks are facing limitations to their Digital Banking efforts mainly because they adopt a vertical approach by continuous additions of channels on top of their legacy core banking system. As a pioneer in Digital Banking, Sunline’s self-developed Digital Core Banking System is built with surrounding business innovation and technology from bottom to the top. With this system, banks can use a horizontal dual-core approach to avoid legacy core limitations without having to immediately replace their existing business core.

During the summit, Matthew Chen, CEO of Sunline’s Overseas Business has represented Sunline to present the technologies behind the hyper scale and hyper performing banking system. Mathew also shared more in-depth about the importance of an engaging ecosystem through seamless and secure collaboration as the world edges towards the new era. 

 
Sunline’s continuous collaboration with Huawei will undoubtedly enrich the services of banks in the South East Asia region. Sunline will continue to work closely with Huawei, embarking on a journey to empower the businesses of financial institutions and reinvigorate the financial industry.  

In conjunction with Mid-Autumn Festival, Xu Yali, Managing Director of Sunline Holding along with Chris Hang, Head of Overseas Operation Department and Alex Long, Head of Overseas Finance Department had visited employees and on-site project teams in subsidiaries offices and project sites in Kuala Lumpur, Jakarta and Bangkok from 9th to 13th September. On behalf of the higher management of Sunline Overseas Group, the directors personally expressed their sincere gratitude to all employees who have worked hard and grown with the company.

During the visits, Xu has coordinated meetings with the local management teams and project leaders, as well as conducted surveys with office employees and on-site project team members who work on the front-line to understand more in-depth about the current company systems, processes, cultures, difficulties faced, career development, welfare treatment and other aspects to support the employees. 

In response to the feedback of overseas employees, Xu has immediately put follow up plans into action. Overseas Operation Department has been assigned to be the liaison to connect overseas teams with relevant departments at the headquarters and help solve any pending issues swiftly while Overseas Finance Department has been assigned to rediscover and analyze overseas marketing and sales strategies.

As a result of these visits, communications between management and employees were effectively established, significantly narrowing the distance between the headquarters and overseas subsidiaries. The management team has updated and implemented overseas policies and system processes fitting to overseas system and culture. Through these changes, voices of overseas employees were truly heard and provides a sense of belonging to all overseas employees. The actions of the management team play a pivotal role in realizing Sunline as a truly International company!

The current Forrester’s Global Banking Platform Deals Survey 2019 shows Sunline as the top 3 banking platforms vendors for both new and combined deals in Asia Pacific (APAC). This survey has shown the recognition for Sunline’s contributions as one of the top FinTech pioneers in the region.

The current Forrester’s Global Banking Platform Deals Survey 2019 shows Sunline as the top 3 banking platforms vendors for both new and combined deals in Asia Pacific (APAC). This survey has shown the recognition for Sunline’s contributions as one of the top FinTech pioneers in the region. 

Forrester believes banks need fast tracks to true digital banking more than ever before and will need to finalize digital transformation before 2025 or they will succumb to an analog-business death. Although the timeframe is seemingly short, banks will still need accurate insights into products’ functional breadth, depth and road map in order for them to find the right solutions. Rooting on helping banks navigate the solutions deluge, Forrester surveyed key banking platform vendors on their deals in 2018 to analyze which were able to enhance their market footprint and also which functional areas are the banks focusing on.

Based on the survey, there are a few key findings which aims to help banks’ technology teams gain more in-depth understanding of the current state of the banking platform market and make better decisions in their own banking solutions. Unlike in the past, banks are realizing that digital banking should no longer be limited to digital channels. Functional buying patterns in 2018 are showing increasing interest towards end-to-end digital banking instead. Forrester also believes banks should establish a level playing field when selecting their vendors and need to avoid an unbalanced foundation for their buying decisions. Banks has shown to sign less contracts with vendors without established relationships. The ongoing market consolidation trend which started a few years ago shown banks are being more careful in engaging reliable vendors to help them accelerate and shorten their digital transformation journey. 

Successful vendors are those who continue to sell new capabilities to existing customers and keep creating value for them. While most vendors can deliver the most relevant business capabilities in their targeted subverticals to the banks; but offering more advanced capabilities to support greater customer experience and business agility, preparing banks to remain at the top of the competition in the long run is what sets good vendors apart. Forrester advices banks to scrutinize vendors’ constant ability to help them innovate. 

As a leading financial IT vendor to more than 400 financial institutions worldwide, Sunline has continuously increased their efforts in R&D while actively joining the wave of the market change. To cater for the needs of banks in their digital transformation journey, Sunline is confident that their digital banking solution, which the company has been actively pitching to banks across the APAC region, will not only continue to facilitate banks to stay competitive in the digital era but also help reinvigorate the financial industry.

Check out what the panels think about the dominators of Global Fintechs today and in 5 years time

Moderated by Alessandro Hatami, Managing Partner, The Pacemakers, with panels Michal Kissos Hertzog, CEO, Peppers, Matthew Chen, Sunline’s Oversea Business Group CEO and Melissa Guzy, Co-founder & Managing Partner, Arbor Ventures

Check out more about the Matthew’s insights on the success recipe to formalizing a digital ecosystem

Moderated by Boyong Li, Senior Content Editor, Money 20/20 and speaker Matthew Chen, Sunline’s Oversea Business Group CEO

Sunline has taken the first step in establishing its presence in the Middle East by signing a Memorandum of Strategic Cooperation with Medad Holding, the investment arm of Al Hail Holding, based in Abu Dhabi, United Arab Emirates (UAE). Both parties will be sharing their financial technology, experiences and resources to enrich digital financial services in the country.

Al Hail Holding is a leading investment company headquartered in Abu Dhabi and operates a diverse portfolio across a wide category of sectors. The company has made substantial contribution to the diversification of the UAE economy as well as the development of government and private-sector joint initiatives. Sunline is a leading banking software and technology services company headquartered in Shenzhen which continuously reinvent their solutions by integrating the latest technology trends with industry best practices to provide comprehensive and secure financial solutions.

Medad Holding has entered into a Memorandum of Strategic Cooperation with Sunline in the presence of Mr. Hamad Jasim Al Darwish, Chief Executive Officer at Al Hail Holding and Mr. Mathew Chen, Chief Executive Officer of Sunline Overseas Business Group. Through this collaboration, both parties intend to jointly explore, develop and invest in the areas of digital IT solutions for banks and other financial institutions as well as facilitate the development of B2B2C in the Middle East, North Africa and other geographic areas of interest. Sunline will deploy the company’s new generation intelligent financial cloud services platform, Finline, which can facilitate financial inclusion at a faster pace. 

Check out Matthew’s insights on the Sunline’s expansion internationally in Money 20/20 Asia

Moderated by Zennon Kapron, Director of Kapron Asia with panels Wayne Xu, President of ZhongAn International, Jonathan Larsen, Group CIO, Chairman & CEO of Ping An Global Voyager Fund and Matthew Chen, Sunline’s Oversea Business Group CEO