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 managementliquidity 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:

  • Oracle Banking Liquidity Management Cloud Service: drives additional avenues for higher-yield investments and offers key capabilities such as pooling, sweeping, and interest optimization. With the service banks can enable corporates to manage their working capital more efficiently, improve accessibility to internal and external funding, and automate processes and backend systems.
  • Oracle Banking Virtual Account Management Cloud Service: enables banks to provide corporates a way to gain capital clarity, control working capital, and effectively manage complex global account structures.
  • Oracle Banking Cash Management Cloud Service: empowers banks to help corporate customers optimize working capital management with accurate cash flow forecasting, efficient collections and receivables management, and automated reconciliation.
  • Oracle Banking Enterprise Limits and Collateral Management Cloud Service: provides comprehensive and highly configurable processes that digitize and simplify the entire credit lifecycle. The service streamlines onboarding of single or multiple borrowers and the creation and management of limits, collaterals, and associated covenants across overdraft, lending, trade, and treasury products with straight-through processing and automation. With the offering, banks can optimize credit decisions and accelerate credit origination and servicing while mitigating business risks.
  • Oracle Banking Accounts Cloud Service: provides highly scalable demand deposit account processing on Oracle Coherence datagrid infrastructure. In addition to corporate accounts, today the service covers retail accounts, term deposits, nostro management, teller operations, and account servicing. With the service’s centralized accounts’ engine, users can streamline and optimize account management and operations.
  • Oracle Banking Payments Cloud Service: is a digital payments solution that powers payment processing in real-time, anywhere, and at scale. Built natively on the ISO 20022 framework, the cloud service improves straight-through processing and enables high-quality, data-rich payments analytics. A SWIFT-certified solution, Oracle Banking Payments Cloud Service provides a singular hub for all payment transactions be it SWIFT, SWIFT gpi, SEPA, NACHA, and many more delivering borderless, low-cost, and efficient cross-border and domestic payments. The cloud service also optimizes transaction efficiency with a one-stop payment processing solution that processes multiple payment types enabling lower cost per payment and improved payment response time.
  • Oracle Digital Banking Experience Cloud Service: empowers corporates with powerful and enriched self-service experiences that help them actively and effectively drive business objectives that impact their bottom line. The cloud service offers actionable insights to improve decision-making and extensive self-service functionality and automation that help digitize receivables, improve liquidity positions, and better manage supply chain finance.
  • Oracle Banking APIs Cloud Service: jump-starts API banking with 1,800+ ready-to-deploy business and foundational banking APIs. This empowers banks to leverage Open Banking to accelerate innovation while addressing their regulatory goals. The cloud service also helps improve customer experiences and unlocks new revenue opportunities by efficiently embedding banking services in partner digital channels, touchpoints, and broader ecosystems. The service is compliant with Berlin Group standards version 1.3.6 and Competition and Markets Authority (CMA) UK Open Banking Standard version 3.1.2.

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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