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ORACLE ANNOUNCES ORACLE BANKING PAYMENTS OFFERING
ORACLE ANNOUNCES ORACLE BANKING PAYMENTS OFFERING
Published by Gbaf News
Posted on August 11, 2017
Global Banking and Finance Review
Company
Published by Gbaf News
Posted on August 11, 2017
New solution built on ISO standards enables end-to-end payments innovation for banks
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 theOracle 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 availabilityfor 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.
Additional Information
Oracle Banking Payments supports global as well as local payment standards like SEPA, SWIFT 2017, Fedwire, US ACH and SWIFT GPI. Banks can easily extend the system themselves to comply with any local and international clearing and settlement messages.
Alex Moriconi
Oracle Corporation
+1-650-607-6598
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
Safe Harbor
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle Corporation.
New solution built on ISO standards enables end-to-end payments innovation for banks
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 theOracle 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 availabilityfor 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.
Additional Information
Oracle Banking Payments supports global as well as local payment standards like SEPA, SWIFT 2017, Fedwire, US ACH and SWIFT GPI. Banks can easily extend the system themselves to comply with any local and international clearing and settlement messages.
Alex Moriconi
Oracle Corporation
+1-650-607-6598
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
Safe Harbor
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle Corporation.
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