Cloud Computing & SaaS News

Oracle Unveils Banking Cloud Service

Venky Srinivasan - group vice president, APJ and MEA Sales, Oracle FSGBU.jpg
Venky Srinivasan, Group Vice President, APJ and MEA Sales, Oracle FSGBU

Cloud native SaaS suite gives corporate and retail banks the agility to modernize their banking applications quickly

Oracle launches Oracle Banking Cloud Services, a new suite of componentized, composable cloud native services.
The six new services available today provide banks with highly scalable corporate demand deposit account processing; enterprise-wide limits and collateral management; real-time ISO20022 global payment processing; API management; retail onboarding and originations; and new self-service digital experience capabilities. Built on a microservices architecture, they help banks renovate and modernize their business capabilities faster and with less risk.
“Banks must innovate to succeed in today’s hyper competitive environment,” said Sonny Singh, executive vice president and general manager of Oracle Financial Services. “We have built one of the world’s most comprehensive suites of cloud-native SaaS solutions so that banks of all sizes can innovate with speed, security, and scale without compromising their existing environments.”
Venky Srinivasan – group vice president, APJ and MEA Sales, Oracle FSGBU said “Transaction volumes in India are anticipated to grow multifold, both on account of greater payments volumes as well as more and more penetration of banking services amongst the masses. Additionally, banks are continually looking to expand their portfolio of offerings and to acquire and serve their customers. Oracle’s investment in SaaS and our datacenters in Mumbai and Hyderabad provide banks the confidence and ability to rapidly transform their business, optimize operating costs and offer unparalleled customer service.”
The services can run standalone, work seamlessly together, and coexist with existing applications to help banks lower cost and risk while increasing innovation. Banks benefit from faster provisioning and availability – which can be achieved in a matter of minutes – and gain automated patching and reduced disaster recovery switchover times that lower IT costs and burden.

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