Oracle Works With Key Partners to Streamline End-to-End Payments Processing

Friday 21 May 2004 19:31 CET | News

Oracle, along with Imagesoft, NetDeposit, Network Appliance, Pegasystems and SYNORAN, is working to make enterprise payment processing more powerful and efficient for financial institutions.

As part of the ongoing alliance, Oracle will be working with these five companies and others to integrate its technology with their individual payments-related applications. By leveraging Oracle Database and imaging technology, the partners can utilize multiple formats of structured and unstructured data, including images and voice, in their payment applications. This capability helps reduce technology barriers that previously forced institutions processing payments to create and store multiple copies of a transaction in order to accommodate performance and cost. Legislation such as Check 21 can provide an opportunity for financial institutions to take a more strategic approach in evaluating existing architecture. Simply replicating the existing paper flow with an electronic image equivalent is not enough. By employing technologies to create a single, scalable instance of images and data, financial institutions can streamline the time it takes to locate and respond to payment data. Another benefit is the ability for software partners to tune their applications, taking advantage of the new database capabilities, so they can provide financial institutions with a more robust solution roadmap for enterprise payment processing. This combined effort will help institutions to maximize the return on their technology investment, lower total cost of ownership, increase customer satisfaction, and gain a clear time advantage by deploying a pre-integrated solution stack.

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Categories: Payments & Commerce | Payments General
Countries: World
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