Oracle Banking Payments is supporting SWIFT’s latest service to make global cross-border payments fast, easy, predictable, and frictionless for small and medium enterprises (SME) and consumer markets.
“Oracle has long collaborated with SWIFT, and we are proud to be part of the early stages of design and pilot of this new service,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments. SWIFT’s new service offers the possibility of borderless low-cost account-to-account currency transfers from the bank’s own app or portal, and Oracle Banking Payments’ readiness makes this transition easy and fast for SMEs.”
As banks are managing their ISO 20022 migrations and implementing new services within the gpi program, Oracle aims to lower the total cost of ownership and ease customers’ transition by investing in its solutions and supporting key industry initiatives. With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks will be able to minimize disruption to customers’ existing technology infrastructure to meet dynamic cross-border payment needs and lower the total cost of ownership.
Carlo Palmers, Head of Payments Solutions at SWIFT, said: “SWIFT gpi has transformed high-value cross-border payments, and now we are working to help banks bring the benefits to SMEs and consumers. Through collaboration with over 20 financial institutions and a number of vendors, we will enable these customers to make fast, easy, predictable and competitively priced payments all around the world via their banks. We’re looking forward to continuing this collaboration as we move towards making it available to gpi financial institutions next year.”
Banks using Oracle Banking Payments will be better able to compete against global remittance providers and card networks for low-value transfers in key currency corridors with the addition of SWIFT’s new account-to-account service for consumers and SMEs. They will also be able to offer fast, easy, predictable, and competitively priced cross-border payments from account-to-account.
Oracle and SWIFT have a long history of collaboration, and Oracle’s solutions have been SWIFT compatible for more than 10 years. More than 600 banks in more than 140 countries use Oracle’s banking and payment solutions to exchange messages, send, and receive payments on the SWIFT network.
SWIFT unveiled plans for SWIFT gpi for low-value payments as a new solution ahead of Sibos 2020 and strives to make cross-border payments as easy, predictable, transparent, and competitively priced as domestic payments are today. Banks will be able to unlock the value of ISO20022 MX migration, gpi readiness, universal confirmations, and now low-value payments on a single enterprise universal payments hub with Oracle Banking Payments.