Oracle Financial Services’ Banking Payments solution has been validated as a Swift Compatible Application.
With this move, banks can leverage Oracle’s products to help meet the Swift standards for payment security, interoperability, and compliance with regulatory requirements, while also benefiting from AI-enabled payment messaging processing.
Secure, standards-based payment solutions
Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With integrates and digital data platforms, banks and insurers are supported to offer modern financial services and customer-centric developments.
Oracle Banking Payments is natively built on the ISO 20022 framework. It is a subscription-based app which processes multiple payment types. It is constantly updated to reflect scheme rulebooks and guidelines, offering customers a compliant and compatible digital payment processing platform.
As the industry gets ready for the migration from legacy financial messaging formats to ISO 20022 MX, the mandatory global standard for high-value payments and cash reporting will go live in November 2025. The ISO 20022 Oracle Banking Payments solutions will allow financial institutions to easily migrate to MX formats and meet the Swift deadline requirements while coexisting with the remaining legacy formats.
Users can take advantage of improved transparency, analytics, compliance, and fraud detection and prevention processes. The adoption of the new framework is key to safety, enabling real-time payments, and delivering better customer experiences. Oracle’s Swift-validated banking solutions allow banks to capitalise on data availability, facilitate more precise reconciliations, leverage straight-through processing to speed transactions and minimise errors, and drive new digital banking developments.
The Swift Compatible Application criteria focus exclusively on interoperability with relevant Swift services and products, and the designations are granted for a period of one year. Each category comes with a specific set of criteria, designed to reflect the capability of an application to provide interoperability with a Swift environment. Criteria are typically re-evaluated every year.
