Published by Gbaf News
Posted on October 18, 2017
With regulation and competition challenging banks in unprecedented ways, Oracle offers one of the most comprehensive open API banking solutions
In today’s economy, banks seek to adapt a more customer-centric business model by delivering new services with greater transparency.Traditional banks understand that they must equip themselves with digital capabilities to avoid being disintermediated by new players in the industry.Oracle’s open API banking solution set can help banks make the difference they need. Packaged and ready for integration with any financial institution’s tech ecosystem, Oracle’s end-to-end solution is well suited for open API initiatives that require design, documentation, simulation, management, identity/security management and monetization backed by business analytics.
With both,the rise of fintechs and increased scrutiny from regulatory agencies dominating
industry conversation, banks must look to embrace change rather than simply comply with it.This means going beyond acting as traditional banks and begin operating as ‘platforms’that enable direct integration from third party applications. Open API protocols have even gained global prominence through region-specific initiatives that focus on end-customer benefits. PSD2 regulation in the European Union and initiatives by the Singapore Monetary Authority, U.K. Financial Conduct Authority and Australia Economic Committee are ongoing efforts to make open banking and open APIs standard.
This environment ushers an ageof transparency that demands an open API architecture, which typically requires components from several vendors if it is to be executed successfully. Oracle today, eliminates the need of engaging with multiple vendors, and offers customers an end-to-end open API solution under one roof. It also provides the added benefit of an unparalleled hyper-connected experience.
“Times have changed and today, more than ever, a two-fold approach is necessary when implementing customer facing technology,” said Oracle Senior Vice President Chet Kamat. “Quite simply, the two aspects are acquiring plug-and-play lifecycle experience products—like mobile applications and omni-channel user experience solutions—and adopting open API banking. Oracle offers a solution versatile enough to cater to both these needs.”
Oracle’s open API banking solution enables financial institutions to roll out their API initiatives quickly. Banks can gain new revenue streams, rethink their operating and business models,all without disrupting their pre-existing tech architecture. This is made possible by the sheer breadth of offerings within Oracle’s toolset.
Oracle’s open API bankingsolution set includes:
With regulation and competition challenging banks in unprecedented ways, Oracle offers one of the most comprehensive open API banking solutions
In today’s economy, banks seek to adapt a more customer-centric business model by delivering new services with greater transparency.Traditional banks understand that they must equip themselves with digital capabilities to avoid being disintermediated by new players in the industry.Oracle’s open API banking solution set can help banks make the difference they need. Packaged and ready for integration with any financial institution’s tech ecosystem, Oracle’s end-to-end solution is well suited for open API initiatives that require design, documentation, simulation, management, identity/security management and monetization backed by business analytics.
With both,the rise of fintechs and increased scrutiny from regulatory agencies dominating
industry conversation, banks must look to embrace change rather than simply comply with it.This means going beyond acting as traditional banks and begin operating as ‘platforms’that enable direct integration from third party applications. Open API protocols have even gained global prominence through region-specific initiatives that focus on end-customer benefits. PSD2 regulation in the European Union and initiatives by the Singapore Monetary Authority, U.K. Financial Conduct Authority and Australia Economic Committee are ongoing efforts to make open banking and open APIs standard.
This environment ushers an ageof transparency that demands an open API architecture, which typically requires components from several vendors if it is to be executed successfully. Oracle today, eliminates the need of engaging with multiple vendors, and offers customers an end-to-end open API solution under one roof. It also provides the added benefit of an unparalleled hyper-connected experience.
“Times have changed and today, more than ever, a two-fold approach is necessary when implementing customer facing technology,” said Oracle Senior Vice President Chet Kamat. “Quite simply, the two aspects are acquiring plug-and-play lifecycle experience products—like mobile applications and omni-channel user experience solutions—and adopting open API banking. Oracle offers a solution versatile enough to cater to both these needs.”
Oracle’s open API banking solution enables financial institutions to roll out their API initiatives quickly. Banks can gain new revenue streams, rethink their operating and business models,all without disrupting their pre-existing tech architecture. This is made possible by the sheer breadth of offerings within Oracle’s toolset.
Oracle’s open API bankingsolution set includes:
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