IRVINE, Calif., Nov. 11, 2014 /PRNewswire/ -- Primeton Software, Inc., co-founded by Primeton Technologies of Shanghai, China, jointly congratulate our customer Alibaba Group Holding Limited for a successful initial public offering (IPO) of its stock shares in the New York Stock Exchange on September 18, 2014. And, we also announce that among the many services Alibaba offer to its large client base is Cloud computing service that is powered by Primeton Technologies' Enterprise On Service (EOS®) Platform. Primeton Software, Inc. now offers these same technologies to U.S.-based e-commerce and financial services institutions.
The IPO of Alibaba Group captured the attention of all the market watchers because it was the biggest IPO in history and the largest e-commerce company in the world according to iResearch. Alibaba Group is headquartered in Hangzhou, China and operates Alibaba.com. Alibaba Group provides its business and retail customers e-commerce services that spans supply chain, sales and marketing, procurement and transactions fulfillment on Cloud computing.
With 279 million active monthly users of which 188 million are mobile users, and stringent service level agreement (SLA) standards to ensure the integrity of the services, Alibaba is mindful to the security and privacy need for its customers. "Alibaba recognized early on that the prerequisite to moving to Cloud computing based services is solving security, process flow tied to the transaction type user entitlement, together with real time audits and compliance, and scalability to address massive concurrency," says Ariu Levi, President and CEO and co-founder of Primeton Software, Inc, Irvine, California. "While financial institutions continue to be recalcitrant to Cloud computing services, the e-commerce players continue forging forward to gain efficiency and market share. We are making the same market-leading technology available to financial institutions in the United States."
"Financial services institutions have been hesitant to adopt cloud computing applications for core systems due to concerns over security, privacy and control," said CEB TowerGroup senior research director Craig Focardi. "However, 23 percent of institutions currently use cloud technology and an additional 31 percent are in the process of adopting it, according to CEB's 2013-2014 Adoption & Investment survey. Initial uses are for less mission-critical, non-core system applications. As the need to replace core banking systems accelerates and cloud computing concerns are overcome in adjacent e-commerce industries, financial institutions will increasingly look to cloud-based core banking systems and channel applications for digital engagement with customers."
Primeton's EOS® technology platform provides a development architecture framework infrastructure that contains the following:
- Business Process Orchestration
- Business Function Virtualization
- Change Management and Testing Platform
- Reliability via Governance and Contingency
- Scalability via Staged Event-Driven Architecture (SEDA) implementation
- Agility via Service Oriented Architecture (SOA) platform
- Security, entitlement, audit trail, and compliance platform
In addition to Alibaba's needs for scalability and reliability of operations, the world's largest bank, Industrial and Commercial Bank of China (ICBC), uses Primeton technology platforms to power its various operations across six continents, overseas network include 39 countries and regions with 4.38 million corporate clients and 393 million individual customers, providing a broad range of financial products and services. The daily volume for ICBC averages 200 million transactions.
In December, 2013 Primeton teamed with Ali cloud and officially released enterprise cloud platform EOS-Cloud PaaS (platform as a service) platform with corporate users such as China UnionPay (CUP) the only domestic bank card organization in China. The initial release of the platforms is to the Asia market and imminent releases to the U.S market.
About Primeton Software, Inc.
Primeton Software, Inc. is a United States based company servicing the Enterprise industry with Primeton Software Suite of application development platforms to assist Enterprises in the transformation and modernization of legacy back-end systems of records. The company was co-founded and the majority owner by Primeton Technologies of Shanghai, China, the leading software platform infrastructure company and core members of the development group in OASIS, SOA international standard SCA/SDO, and the National Information Technology Standardization Technical Committee of Standards Working Group SOA, Deputy Head of the unit. According to CCW Research, 2009 "China SOA Market Research Report," Primeton Technologies is a market leader with 39.7% of the enterprise application development platform infrastructure in the China market. Primeton Software's credibility, with over 350 large and medium Enterprise customers across 44 countries, 200 technology partners, over 60 telecommunication operators, and in excess of 400 staffing resources, is critical to assisting the U.S. Enterprise modernization initiative.
Learn more at www.primetonsoftware.com.
For further information: Ariu Levi, Primeton Software, [email protected], 949.398.8217.
Ariu Levi will be attending the BAI Retail Delivery 2014 Conference November 11-14 in Chicago's McCormick's Convention Center and will be available for comments via cell 949-812-2511 or email [email protected].
SOURCE Primeton Software, Inc.