Oracle Transforms Payments and Transaction Banking in the Cloud
Full spectrum cash management and payments solutions enable banks to improve visibility and forecasting to help corporate customers better manage cash
TORONTO, Sept. 18, 2023 /PRNewswire/ -- Sibos -- Oracle today expanded its Oracle Banking Cloud Services portfolio to help banks quickly launch comprehensive transaction banking offerings spanning cash management, liquidity management, and virtual account management. Together, with Oracle's real-time payments processing, hyperscale account operations, and APIs, the new services will enable banks to improve visibility, forecasting, and better control liquidity to help customers leverage cash more effectively.
Oracle also introduced new enhancements to its Oracle Banking Accounts Cloud Service and Oracle Banking Enterprise Limits and Collateral Management Cloud Service.
"Delivering enriched customer and banker experiences that provide immediate and tangible business value will be the growth lifeline for banks in the near term," said Sonny Singh, executive vice president and general manager of Oracle Financial Services. "With Oracle Banking Cloud Services, banks can quickly compose and launch highly differentiated payment and transaction banking services that enable their customers to optimize cash and gain the capital clarity they need to meet the challenges and opportunities of a continually volatile market."
Taking the Chaos out of Cash Management
With an estimated $1.7 trillion USD tied up in working capital, corporates are eager to boost cash management and optimize credit ingestion, both of which are critical to corporate performance and profitability.
With the ability to be embedded directly within a corporate's existing Enterprise Resources Management (ERP) and allied systems, the new solutions enable real-time payments and settlements and unprecedented cash cycle optimization. In addition, the new enhancements to limits and collateral management allow banks to quickly digitize and simplify the entire credit facilities lifecycle so they can onboard corporate customers in minutes, not months.
Banking Accounts Cloud Service also now supports retail accounts, retail and corporate term deposits, nostro management, and account servicing. Along with existing demand deposit account (DDA), the service offers a centralized accounts engine that streamlines and optimizes account management and operations across the banking enterprise with high throughput. Coupled with the APIs Cloud Service, banks can quickly tailor accounts and embed and service them across owned and partner digital channels and touchpoints.
New, enhanced, and complimentary Oracle Banking Cloud Services all available today include:
These offerings are part of the larger suite of cloud native, componentized, and composable Oracle Banking Cloud Services. Built on a microservices architecture, these services help banks modernize their business capabilities faster and with less risk. The services can run standalone or work seamlessly together and coexist with existing applications to provide faster provisioning and availability—which can be achieved in a matter of minutes. They also feature automated patching and reduced disaster recovery switchover times that can lower IT costs and burden. The services run on the high performance, scalability, security, and compliance of Oracle Cloud Infrastructure (OCI), including OCI Container Engine for Kubernetes.
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