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11th August 2017
Oracle releases banking payments offering
Oracle has released its Oracle Banking Payments solution. The offering was built from the ground up leveraging ISO 20022, and is designed to help banks compartmentalise 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. Digitisation 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 disharmonised 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.
“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,” 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.”