Thanks to new services: Banks can move to the cloud faster

Faced with an all-time high in transaction volumes, customer expectations and competitive threats, banks must adapt quickly to keep pace. To meet these challenges, Oracle recently introduced its Banking Cloud Services, a new suite of component-based, composable cloud-native services.

Renew business functions of banks faster

These new services provide banks with highly scalable corporate deposit account processing, enterprise-wide limit and collateral management, real-time global ISO 20022 payment processing, API management, and new self-service capabilities for digital experiences. Based on a microservices architecture, they help banks renovate and modernize their business functions faster and with less risk. "Banks must innovate to succeed in today's competitive environment," said Sonny Singh, executive vice president and general manager, Oracle Financial Services. "We've developed one of the world's most comprehensive suites of cloud-native SaaS solutions to help banks of all sizes innovate quickly, securely and scalably without compromising their existing environments."

The new services in detail

The services can run standalone, seamlessly interoperate and co-exist with existing applications to help banks reduce cost and risk while driving innovation, Oracle explains. As a result, banks benefit from faster provisioning and availability - which can be achieved in minutes - and benefit from automated patching and shorter turnaround times for disaster recovery, reducing IT costs and burden. The new services include:

• Oracle Banking Accounts Cloud Service: Current corporate demand deposit account (DDA) solutions are not equipped to handle the explosion in e-commerce and digital payments that have led to a massive increase in global bank transactions. Accounting firm PwC estimates that the global volume of cashless payments is expected to increase by more than 80 % to nearly 1.9 trillion transactions between 2020 and 2025. The Oracle Banking Accounts Cloud Service provides highly scalable demand deposit account processing on Oracle Coherence Datagrid infrastructure. The service has already been tested for extreme performance, recording over 200 TPS per CPU on commodity hardware. It also integrates with a bank's existing processes and technologies, allowing them to modernize their core banking DDA systems to bring new offerings to market without operational disruption.
• Oracle Banking Payments Cloud Service: Legacy systems cannot scale or manage the growing volume and velocity of digital payments from e-commerce and new transaction types. Oracle Banking Payments provides a single engine for real-time payment processing, including cross-border, high-value retail, retail and 24×7 payments. The foundation of the service is based on a canonical ISO 20022 data model and more than 15 leading global payment systems, such as SWIFT, SEPA and others, ready to use.
• Oracle Banking Enterprise Limits and Collateral Management Cloud Service: Due to the lack of an enterprise-wide system, inefficient monitoring and poor controls, commercial banks struggle to manage the influx of defaults. According to McKinsey estimates, banks using improved models could see a 20 to 40 % reduction in their credit losses. With Oracle Banking Enterprise Limits and Collateral Management, banks can gain a holistic view of their risk by centralizing the limit definition process and collateral management. In addition, the service reduces risk by providing banks with a real-time solution for risk tracking, credit allocation, decisions and approvals.
• Oracle Banking Digital Experience Cloud Service: Oracle Banking Digital Experience Cloud Service is a digital banking solution that delivers ready-to-use banking experiences for businesses and consumers that improve customer service. The solution provides customer and product acquisition in addition to contextual omnichannel digital experiences supported by video, chatbot, AI and Natural Language Processing (NLP)-based engagement tools. In addition, the service works with the bank's existing technology and third-party services to enable seamless processes.
• Oracle Banking APIs Cloud Service: With more than 1,800 ready-to-use business and basic banking APIs, Oracle Banking APIs Cloud Service enables banks to deploy an open banking platform to accelerate innovation while complying with regulations. With this solution, banks can improve the customer experience and revenue opportunities by embedding their services into a growing ecosystem of partners, including e-commerce portals, enterprise software and more.

Source: Oracle