Alibaba Group Holdings Ltd has started offering cloud services to financial services in China. The financial service, called Ju Baopen has at least eight banks signed in to enable online payment services using Ju Baopen and Alipay – the company’s third-party transaction system.

The banks that are currently signed on are Bohai Bank, Tianjin Rural Commercial Bank, and Xiamen Bank. Alibaba believes that it can reduce the cost of online payment services for these financial institutions using Ju Baopen.

Banks and security firms can purchase services from companies like IBM, AMC, or Oracle to offer banking services through the cloud, however, Alibaba is expecting a more efficient offering to appeal to smaller banks.

Read the rest of the news here: http://www.bloomberg.com/news/2013-11-27/alibaba-starts-cloud-service-for-chinese-financial-institutions.html