In a bid to expand its focus on the banking sector, Oracle, the provider of SaaS application suite for cloud database management, has announced the global release of its Oracle Banking Payments solution along with its Oracle Banking Liquidity Management and Oracle Banking Corporate Lending solutions.
According to the company, the Banking Payment offering was 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 Fintech firms.
The other two solutions have been 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.
Oracle states that digitization has led customers to demand constant availability for real-time, frictionless payments. With this there have been increasing levels of operational complexities, siloed structures and multiple messaging standards, which have led to a unstructured payment landscape. Looking at this, new players in the market have personalized offerings challenging the bigger financial institutions. The SaaS company suggests that financial institutions need to adopt a transformational approach that addresses the changing dynamics of the payments marketplace.
“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.”
On the other hand, Oracle Banking Corporate Lending, claims to offer 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.
Using this, Oracle states that banks can now structure profitable financing deals, lower credit risk and embed optimized credit support at every stage of the customer’s business.
Its other release, the Banking Liquidity Management offering will help banks adopt techniques such as multi-level sweeping and pooling, interest optimization and reallocations, across currencies, geographies and customer entities.
“The constraints of geographies, currencies, time-zones, cash and credit have lesser relevance in the world of digital corporates. With the shift towards digital it is critical that banks transform to cater to the emerging needs of their corporate customers,” said Kamat.
“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”