New Payment, PayFac, and Huifu released Dougong 2.0, which was born for the digital ecosystem

On April 22, with the theme of "Digital Ecosystem Payment Leap", Huifu Payment held a Dougong 2.0 press conference in Shanghai, which is a comprehensive upgrade of Dougong since its launch in 2021. With the continuous deepening of industrial digitalization, a digital ecosystem of symbiosis between payment and software is taking shape. Dougong 2.0 has taken advantage of the trend, brought better product solutions, technical capabilities and operational service experience, continuously upgraded its business model, and achieved value growth for customers and partners.

Payment leap, industrial digitalization gives payment a new mission

The wave of digitalization has swept all walks of life, and payment has also undergone tremendous changes, and simple payment channels can no longer meet the comprehensive digital needs of merchants, and payment upgrades are imminent. In terms of carrier, it has been upgraded from a simple terminal and payment gateway to a payment API embedded in the scene, from a single collection function to a comprehensive solution for fund management, and from an independent tool outside the core system to a super connector of software and data.

In 2021, with the release of Dougong 1.0, all payment capabilities will be opened in the form of APIs, and a developer platform will be built to create a beautiful experience of "simplicity, completeness, and growth". Nowadays, with the in-depth transformation of "payment + software", how to carry out omni-channel marketing, collection and fund management, how to connect and collaborate with various software and SaaS, how to efficiently connect, process and integrate the data of various software, systems and channels, how to provide customized scenario solutions for merchants and achieve cost reduction and efficiency increase, and how to continuously improve the interactive experience for multi-user and multi-terminal have all become new topics that need to be solved urgently under the development of digitalization.

In the face of the challenges and demands brought about by digitalization, Zhou Ye, Chairman and CEO of Huifu, gave an answer at the press conference. Huifu Payment is committed to providing platform services for enterprise collection, fund management and data integration. As the first payment PaaS platform in China, Dougong continues to maintain iterative upgrading through technological breakthroughs, service reconstruction, solution iteration and business model innovation.

· PayFac helps the software industry change its business model

Industrial digitalization is essentially a software-driven change, and every link connecting the internal and external aspects of the enterprise depends on software. At present, the trend of business softwareization is in the ascendant, and the digital ecology for B-end enterprises is taking shape, and artificial intelligence technology has begun to be gradually applied, upgrading SaaS and software enterprises to PayFac (Payment Facilitator) to realize the full integration of software capabilities and payment capabilities, which may become an inevitable part of industrial digitalization. With the release of Dougong 2.0 as an opportunity, PayFac is expected to change the business model, save the customization cost and development efficiency of software companies to large customers, and provide SaaS/software companies and small and medium-sized customers with a pay-for-effect model option. At present, Huifu has preliminarily explored a cooperation path of complementary advantages, revenue sharing, and ecological co-construction.

Four major upgrades, Dougong 2.0 reshapes the value of capabilities

The market is always hungry for new technologies and services. Specifically, the upgraded Dougong 2.0 has made a comprehensive upgrade in terms of functional stratification, user interaction improvement, customer process reconstruction, and digital ecological connection.

Dougong contains three important systems, the first layer is cloud native infrastructure and tools, which provides system technology with elastic expansion and high availability for digital business; the second layer is basic products and PayFac tools, including payment processing, fund management, user management, interactive products, data integration and other basic functions, and the PayFac tool is launched to provide support for payment terminals, API operation services, and embedded pages; the third layer is solutions, including standard solutions, General scenario solutions and customized solutions, in an open form, enable any partner to develop different payment solutions based on the platform to meet the differentiated needs of various customers.

In view of the problems such as cumbersome API docking, difficult data integration, and slow non-standard customization, Dougong 2.0 has built an embedded payment that can be accessed at one point, a connector that can integrate data, and a π engineering platform that can be customized faster, so as to achieve the goal of completing development in one line of code, one engineer, and one day. At the same time, Huifu has launched the first full-journey service for customers in the payment industry, covering the whole process of incoming documents, review, contracting, joint commissioning, terminal, transaction, after-sales and other guarantee services, which can shorten the average joint commissioning time from 30 days to 5 days, and achieve 99.996% system stability, and launched the first omni-channel digital service platform in the payment industry, "ICS (Integrated Customer Service)" , reconstructed 267 service processes, achieved an average audit time of 4.3 minutes, and obtained outstanding data performance in many aspects.

Connect, integrate, and collaborate to create an open, peer-to-peer, and symbiotic digital ecosystem

Based on Dougong's platform capabilities, Huifu is continuing to build comprehensive digital solutions such as omni-channel fund management, omni-channel data management, intelligent reconciliation, chain procurement settlement, cross-cloud IaaS integration services, digital invoices, and e-gift cards. Under the open and symbiotic cooperation model, Huifu's services are aimed at multinational brands, air travel groups, Internet platforms, retail chains, restaurant chains, medical beauty chains, as well as the booming cross-border e-commerce, digital economy and tens of millions of small, medium and micro merchants, and has built a digital ecological circle of friends with SaaS/software companies, commercial banks, channel service providers and other partners. Bidding farewell to the old payment, Huifu is willing to work with all customers and partners to create a new payment future.

At the press conference, Liang Xingyuan, Vice President of Huifu, discussed with customers and partners such as Subway, Hekuo Zhiyun, and Alibaba Cloud on "how to build a digital ecosystem". Xi Lin, Senior Director of IT at Subway (China), said, "Any digital construction is a high-rise building, and Dougong provides a solid foundation for Subway, and after witnessing the upgrade of Dougong, we have more inspiration and greater confidence in the digital system built by Subway and Huifu. Liu Ruhong, Co-Founder & CTO of Hekuo Zhiyun, and Zhao Qingyuan, General Manager of Alibaba Cloud's Intelligent Financial Services Industry Solutions, also praised Huifu's practice in cloud-native technologies and rich experience in enterprise digital services, and believed that Huifu would bring more excitement and expectations to the future of the digital ecosystem.

In the digital era, Dougong's upgrade from 1.0 to 2.0 is not only a breakthrough in Huifu's own capabilities, but also a profound response to the development of the times, industry trends and customer needs. Adhering to the original intention of "putting everything customer-centric", Huifu will continue to implement the Payment & Beyond transformation strategy, focus on technology-driven products and operational solutions, continue to create value for customers, and build an open, peer-to-peer and symbiotic digital ecosystem with all parties.