Oracle Financial Services, a part of Oracle has announced the release its own Banking payments solution. The Oracle banking payment solution was built from the ground up leveraging ISO 20022 and is specifically designed to help bankis and monetary establishments compartmentalize payments messaging, message transformation and payment processing while providing high fidelity insight.
The new service is enabled by the Oracle Banking Payments API, using which, banks can also innovate within the Internet of Payments and 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.”
Digitisation in this era has bought banks to the edge. Keeping up with the technology and demands of customers while maintaining the service they provide is tough on them. With the launch of Oracle Banking payments oracle adds it to the list of solutions like Oracle Financial Services Analytical Applications (OFSAA), Oracle Banking Digital Experience, Oracle FLEXCUBE, Oracle Banking Platform and Oracle Financial Services Revenue management and Billing, making Oracle the most comprehensive solutions provider for banks.
“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,” said Oracle in a blog post.