Oracle today announced the worldwide release of its Oracle Banking Payments solution.
The offering was built from the ground up leveraging ISO 20022 and is designed to help banks compartmentalize payments messaging, message transformation and payment processing while providing high fidelity insight. Using the Oracle Banking Payments API, banks can also innovate within the Internet of Payments, collaboration with 3rd parties or curate new business models in collaboration with Fintechs.
“As a core banking vendor we have been supporting payments for over two decades. We run payments for over 500 banks across 140 countries. In many instances our applications cater to a significant proportion of a country or a jurisdiction’s volumes, for example we enable over 20% of the inward and 22% of the outward real time settlements in India” said Chet Kamat, senior vice president, Oracle Financial Services. “With Oracle Banking Payments, financial institutions can improve straight through processing, support real-time and immediate payment settlement and reduce time-to-market while driving innovation.”
Digitization has brought banks to a payments arena tipping point where customers demand constant availability for real-time, frictionless payments. Grappling with increasing levels of operational complexities, banks have increasingly adopted siloed structures and multiple messaging standards leading to a disharmonized payment landscape. At the same time, new players are challenging incumbents by offering personalized products, exemplary efficiency and security. To remain competitive, financial institutions need to adopt a transformational approach that addresses the changing dynamics of the payments marketplace.
With Oracle Financial Services Analytical Applications (OFSAA), Oracle Banking Digital Experience, Oracle FLEXCUBE, Oracle Banking Platform and Oracle Financial Services Revenue management and Billing, today’s announcement of Oracle Banking Payments makes Oracle the most comprehensive solution provider for the payments industry.
Oracle today announced the launch of two new solutions: Oracle Banking Liquidity Management and Oracle Banking Corporate Lending. These offerings are designed to meet the needs of banks looking to provide real-time, multi-currency, cross border, multi-entity banking services while maintaining high fidelity insight and multi-jurisdictional compliance.
“The constraints of geographies, currencies, time-zones, cash and credit have lesser relevance in the world of digital corporates,” said Chet Kamat, senior vice president, Oracle Financial Services “With the shift towards digital it is critical that banks transform to cater to the emerging needs of their corporate customers. It is in this context that we have developed next generation liquidity and corporate credit solutions. We abstracted our experience of working across more than 140 countries, transforming the business of some of the largest corporate banks globally, to bring together functionalities that enable our customers to be leaders in the corporate banking space”
With the launch of Oracle Banking Corporate Lending, Oracle now offers banks a full spectrum of assets to enable a performance-driven corporate credit business. The solution supports the entire credit lifecycle from customer onboarding to credit management and loan processing. Banks can now structure profitable financing deals, lower credit risk and embed optimized credit support at every stage of the customer’s business.
Oracle Banking Liquidity Management helps banks adopt techniques such as multi-level sweeping and pooling, interest optimization and reallocations, across currencies, geographies and customer entities.
Oracle is committed to the global banking sector and with the addition of these innovative technologies to an already extensive cadre of offerings banks may rest assured that their customers will be even more efficient. Oracle’s new corporate banking offerings are another step toward financial excellence in a globalized economy while ensuring that banks remain a valued partner to their corporate customers.