Oracle augments payments and transaction banking in the cloud

Oracle’s updated Oracle Banking Cloud Services portfolio facilitates banks to quickly deploy 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.

Oracle also introduced new enhancements to its Oracle Banking Accounts Cloud Service, Banking Enterprise Limits, and Collateral Management Cloud Service.

Simplifying cash management

With an estimated USD 1.7 trillion tied up in working capital, corporates are eager to boost cash management and optimise credit ingestion, both of which are critical to corporate performance and profitability, as per the press release.

The new solutions cand be embedded directly within a corporate's existing Enterprise Resources Management (ERP) and allied systems, enabling real-time payments and settlements and enhanced cash cycle optimisation. In addition, the new enhancements to limits and collateral management allow banks to quickly digitise and simplify the entire credit facilities lifecycle so they can onboard corporate customers in minutes, not months.

Banking Accounts Cloud Service 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 centralised accounts engine that streamlines and optimises 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 include:

• Oracle Banking Liquidity Management Cloud Service: This service boosts investment opportunities and streamlines corporate working capital management through pooling, sweeping, and interest optimization, facilitating automation and improved funding accessibility;

• 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 optimise 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: this service digitises and streamlines the entire credit lifecycle, from onboarding borrowers to managing limits and collateral. It enables automation, faster credit decisions, and risk mitigation for banks;

• Oracle Banking Accounts Cloud Service: provides highly scalable demand deposit account processing on Oracle Coherence datagrid infrastructure. In addition to corporate accounts, now the service covers retail accounts, term deposits, nostro management, teller operations, and account servicing. With the service's centralised accounts' engine, users can streamline and optimise account management and operations;

• Oracle Banking Payments Cloud Service: a real-time digital payment solution based on ISO 20022. It's SWIFT-certified and offers a central hub for various payment types, making cross-border and domestic payments efficient and cost-effective. It also enhances payment processing efficiency and analytics;

• Oracle Digital Banking Experience Cloud Service: provides corporate users with enriched self-service experiences to drive business goals effectively. It offers actionable insights for informed decision-making and robust self-service features to digitise receivables, enhance liquidity management, and optimise supply chain finance;

• Oracle Banking APIs Cloud Service: offers over 1,800 ready-to-use banking APIs, enabling banks to embrace Open Banking, drive innovation, and meet regulatory requirements. It enhances customer experiences by seamlessly integrating banking services into partner digital platforms and ecosystems, opening up new revenue streams. This service is compliant with Berlin Group standards (version 1.3.6) and CMA UK Open Banking Standard (version 3.1.2).

Accelerating modernization with microservices architecture

These offerings are part of the larger suite of cloud native, componentised, and composable Oracle Banking Cloud Services. Built on a microservices architecture, these services help banks modernise 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. 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.