Longtop Financial Technologies has been selected to upgrade the clearing center operation system for the headquarters of a Big Four bank in China.

Longtop will help the customer meet the People’s Bank of China’s regulatory requirement regarding Delivery Versus Payment (DVP) in the inter- bank bond market. Earlier this year, the People’s Bank of China, China’s central bank, issued Administrative Measures on Bond Trading in the National Inter-bank Bond Market requiring commercial banks to realize DVP settlement with an aim to improve market efficiency and reduce risks related to bond transactions.

In addition to the DVP function, Longtop will also upgrade the clearing center operation system by centralizing the clearance and payment functions for fixed deposits, funds transfer, foreign exchange as well as precious metal trade, which were previously distributed around separate operational systems. This upgrade is aimed at strengthening risk management. In 2007 Longtop developed the national clearing center operation system for this customer. (PRNewswire)

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