Cloud native SaaS suite gives corporate and
retail banks the agility to modernize their banking applications
quickly to meet customer demands and capitalize on new
opportunities
AUSTIN,
Texas, Feb. 7, 2023 /PRNewswire/ -- With
transaction volumes, customer expectations, and competitive threats
at an all-time high, banks must adapt quickly to keep pace. To
address these challenges, Oracle today launched Oracle Banking
Cloud Services, a new suite of componentized, composable cloud
native services.
The six new services available today provide banks with highly
scalable corporate demand deposit account processing;
enterprise-wide limits and collateral management; real-time
ISO20022 global payment processing; API management; retail
onboarding and originations; and new self-service digital
experience capabilities. Built on a microservices architecture,
they help banks renovate and modernize their business capabilities
faster and with less risk.
"Banks must innovate to succeed in today's hyper
competitive environment," said Sonny
Singh, executive vice president and general manager of
Oracle Financial Services. "We have built one of the world's
most comprehensive suites of cloud-native SaaS solutions so
that banks of all sizes can innovate with speed, security, and
scale without compromising their existing environments."
The services can run standalone, work seamlessly together, and
coexist with existing applications to help banks lower cost and
risk while increasing innovation. Banks benefit from faster
provisioning and availability – which can be achieved in a matter
of minutes – and gain automated patching and reduced disaster
recovery switchover times that lower IT costs and burden.
"The most recent IDC 2022 Worldwide Industry CloudPath Survey
shows that nearly all banks surveyed plan to increase spending on
all cloud deployment models," said Jerry
Silva, Program Vice President, IDC. "Including private cloud
and public cloud infrastructure as a service (IaaS) and software as
a service (SaaS), public cloud services are expected to grow at
twice the rate of overall IT spending at 15% CAGR over the same
five-year period, gaining a larger share of banks' IT budgets."
The new services are built and running on the high performance,
scalability, security, and compliance of Oracle Cloud
Infrastructure, including OCI's Oracle Kubernetes Engine. With most
cloud regions available globally, in addition to the most extensive
set of distributed options, Oracle Banking Cloud Services can be
deployed based on sovereignty or data residency needs. New services
include:
Oracle Banking Accounts Cloud Service
Current
corporate demand deposit account (DDA) solutions are ill-equipped
to handle the explosion of ecommerce and digital payments that have
caused a massive increase in global banking transactions. PwC
estimates the global volume of cashless payments is expected to
increase by more than 80% between 2020 and 2025, to reach nearly
1.9 trillion transactions. Oracle Banking Accounts Cloud Service
provides highly scalable demand deposit account processing on
Oracle Coherence Datagrid Infrastructure. The service has been
tested for extreme performance and recorded over 200 TPS per CPU on
commodity hardware. It also integrates with a bank's existing
process flows and technology so they can modernize their core
banking DDA systems to deliver new offerings to the market without
disrupting their operation.
Oracle Banking Payments Cloud Service
Legacy systems
can't scale and manage the growing volume and velocity of digital
payments from ecommerce and new transaction types. Oracle Banking
Payments provides a single engine for real-time payment processing,
including cross-border, high-value, bulk, retail, and 24x7
payments. The service is built from the ground up based on an
ISO20022 canonical data model and more than 15 leading global
payment schemes such as SWIFT, SEPA, and others out of the box.
Oracle Banking Enterprise Limits and Collateral Management
Cloud Service
With the absence of an enterprise-wide system,
inefficient monitoring, and poor controls, corporate banks are
struggling to manage the influx of defaults. McKinsey estimates
that banks using improved models could see a 20-40% decrease in
their credit losses. Oracle Banking Enterprise Limits and
Collateral Management enables banks to gain a holistic view of
their exposure by centralizing the limits definition process and
collateral management. The service reduces risk by providing banks
with a real-time solution for exposure tracking, credit
underwriting, decisions, and approvals.
Oracle Banking Origination Cloud Service
Today,
instant gratification is redefining banking, as customers now
expect accounts to be opened quickly, loans to be processed in
minutes, and cash disbursed in a matter of hours, all with a high
level of process transparency. Oracle Banking Origination offers
streamlined processes and automated decisioning that helps bankers
deliver tailored onboarding and originations experiences for retail
and small business customers. With the service, banks can
quickly scale originations across retail asset and
liability business lines to efficiently drive higher deposit and
credit volumes.
Oracle Banking Digital Experience Cloud Service
Oracle Banking Digital Experience Cloud Service is a digital
banking solution that provides ready-to-go corporate and retail
banking experiences that enhance customer service. The solution
offers customer and product acquisition in addition to omnichannel
contextual digital experiences supported by video, chatbot, AI, and
natural language processing (NLP)-based engagement tools. The
service also works with the bank's existing technology and
third-party services to drive seamless processes.
Oracle Banking APIs Cloud Service
With more than
1,800 ready-to-deploy business and foundational banking APIs,
Oracle Banking APIs Cloud Service empowers banks to establish an
open banking platform to accelerate innovation while complying with
regulations. The solution equips banks to improve the customer
experience and revenue opportunities by embedding their services
across a growing ecosystem of partners including ecommerce portals,
enterprise software, and more.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please visit
us at www.oracle.com.
Trademarks
Oracle, Java, and MySQL are registered
trademarks of Oracle Corporation.
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SOURCE Oracle