The SWIFTReady Payments label certifies core banking or payments applications that enable the initiation, generation, processing and settlement of inter-bank payments. Products must demonstrate compliance with SWIFT standards, messaging services, and connectivity; integrate efficiently in the SWIFT environment; increase traffic automation; and support Straight Through Processing (STP).

SWIFT, which supplies secure messaging services and interface software to wholesale financial entities, runs an annual program for determining the SWIFT-compliance of third-party software applications across all financial services market segments.

The SWIFTReady label program helps to foster solutions that are compliant with the business and technical requirements of the financial industry and enable more efficient transaction processing.

Along with this certification, Oracle has also made available enhancements to Oracle FLEXCUBE for Mobile banking as well as loan originations.

"Providing full service payments capabilities with enhanced rate of Straight Though Processing (STP) combined with strong exception management capability is key for banks globally. The SWIFTReady Payment Label 2012 shows current and prospective customers that Oracle FLEXCUBE Universal Banking supports the latest SWIFT payments standards and can easily integrate with the SWIFT environment. Oracle's relationship with SWIFT demonstrates our commitment to adhering to industry standards as we continue to develop solutions that help financial services organisations address pressing and ever-changing business challenges," said Chet Kamat, CEO and Managing Director, Oracle Financial Services Software.