Payments
Oracle | September 25, 2023
Oracle enhances banking cloud services for real-time cash management and transactions.
New services optimize working capital and the customer experience.
Oracle's comprehensive cloud suite offers ready-to-deploy APIs for agile banking.
Oracle has broadened its Oracle Banking Cloud Services portfolio to empower banks in swiftly launching comprehensive transaction banking solutions. These encompass cash management, liquidity management, and virtual account management. Alongside Oracle's real-time payments processing, large-scale account operations, and APIs, these new services aim to enhance banks' visibility and forecasting capabilities, enabling customers to leverage their cash more effectively.
In addition, Oracle has introduced enhancements to its Oracle Banking Accounts Cloud Service and Oracle Banking Enterprise Limits and Collateral Management Cloud Service.
Sonny Singh, Executive Vice President and General Manager of Oracle Financial Services, reportedly emphasized the importance of delivering enhanced customer experiences, stating,
Delivering enriched customer and banker experiences that provide immediate and tangible business value will be the growth lifeline for banks in the near term.
[Source – Cision PR Newswire]
The new solutions are designed to be seamlessly integrated into corporate enterprise resources management systems, facilitating real-time payments, settlements, and cash cycle optimization. The improvements in limits and collateral management streamline credit facility lifecycles, allowing banks to onboard corporate customers in minutes rather than months.
Oracle Banking Accounts Cloud Service has expanded its support to include retail accounts, term deposits, nostro management, and account servicing. Together with the API Cloud Service, banks can swiftly tailor and deploy accounts across various digital channels.
The new and enhanced Oracle Banking Cloud Services include:
Oracle Banking Liquidity Management Cloud Service: Offers higher-yield investment opportunities, pooling, sweeping, and interest optimization for corporations to manage working capital efficiently.
Oracle Banking Virtual Account Management Cloud Service: Provides corporations with capital clarity and effective management of complex global account structures.
Oracle Banking Cash Management Cloud Service: Empowers corporate customers with cash flow forecasting, efficient collections and receivables management, and automated reconciliation.
Oracle Banking Enterprise Limits and Collateral Management Cloud Service: Digitizes and simplifies the credit lifecycle, optimizing credit decisions and accelerating origination and servicing while mitigating risks.
Oracle Banking Accounts Cloud Service: Streamlines account management and operations for both corporate and retail accounts.
Oracle Banking Payments Cloud Service: Facilitates real-time payment processing and offers a one-stop solution for various payment types.
Oracle Digital Banking Experience Cloud Service: Enhances self-service experiences for corporations, providing actionable insights and automation.
Oracle Banking APIs Cloud Service: Offers a range of ready-to-deploy banking APIs to accelerate innovation and improve customer experiences.
These services are part of the Oracle Banking Cloud Services suite, built on a microservices’ architecture, providing flexibility, scalability, security, and compliance with Oracle Cloud Infrastructure.
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Trading Systems
PR Newswire | September 27, 2023
Finastra today announced a multi-year global agreement with Microsoft focused on trade platform modernization, building on the existing availability of Finastra Trade Innovation in the cloud. Delivering the full functionality of Trade Innovation via a full microservices architecture using Microsoft Azure, will give banks increased agility, flexibility and scalability, enabling them to continue to provide service excellence to customers throughout their modernization journey.
As the expectations of corporate customers evolve, financial institutions need to deliver a seamless and engaging transactional experience across their trade finance and supply chain finance operations in support of open finance. Further extending the open APIs available through Trade Innovation and Finastra's open innovation platform, FusionFabric.cloud, will allow customers to leverage a vibrant digital trade ecosystem, supporting the digitalization of the full transaction lifecycle.
Partnering with Microsoft builds on our joint strategic vision to help accelerate the digital transformation of financial services, and support customers on their journeys to be open, said Isabel Fernandez, Executive Vice President for Lending at Finastra. Customers are eager to transform their trade finance and supply chain offerings, and to access the latest innovations, working with partners across the ecosystem. Via this agreement, existing and new customers will benefit from increased flexibility to connect, collaborate and adapt to evolving customer needs and new regulations.
Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft added: We're excited to deepen our relationship with Finastra to support banks on their trade modernization journey. Using the rich functionality of Finastra's Trade Innovation platform and FusionFabric.cloud, combined with the power of Microsoft Azure and data and AI advancements, we look forward to helping financial institutions further accelerate innovation, increase efficiencies, enhance customer engagement and transform their operations at scale.
Finastra Trade Innovation was recognized once again as "Best in Class" in the Aite Matrix of Trade Finance Software (Feb 2023) from Datos Insights (formerly Aite-Novarica Group). Enrico Camerinelli, Strategic Advisor at Datos Insights said: "The decline of manually intensive and paper trade finance operations, the continued growth of supply chain finance, and the rise of fintech players are encouraging banks to transform the status quo with API-based open banking, artificial intelligence, and data analytics. To achieve this, banks need modern, open systems and the support of industry leaders in this space, supporting them on their transformation journeys."
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Payments
IBM | September 22, 2023
IBM Payments Center's membership in Swift Partner Programme signifies a crucial step in enhancing collaboration between these organizations.
IBM Payments provides a streamlined Swift cloud connectivity solution, liberating clients from hardware as well as software management and allowing them to focus on their core business operations.
The company's participation in Swift Partner Programme enables streamlined access, integration, and development of payment solutions through expanded APIs and comprehensive documentation.
IBM Payments Center has officially announced that it has earned a distinguished membership in the prestigious Swift Partner Programme. This achievement represents a significant step forward in strengthening the collaboration between these two organizations.
This strategic partnership synergizes effectively with IBM's expansive payments-as-a-service solution, which capitalizes on open, standards-based technologies to provide meticulously managed payment and cash management services. This collaboration will further enhance the capabilities of IBM's payment services, offering financial institutions and businesses a well-rounded, technologically advanced solution to address their payment and cash management needs.
Andrew Higgins, Senior Partner and Global Payments Leader at IBM Consulting remarked,
Our platform partnership with Swift brings the power of IBM and the reach of Swift to deliver value for financial institutions and other businesses looking for end-to-end solutions for a broad array of payment services.
[Source – Cision PR Newswire]
In collaboration with Swift Partner Programme, IBM Payments Center will provide a comprehensive end-to-end cloud-based Swift connectivity solution that aligns with Swift's infrastructure and client security standards. It will also catalyze financial institutions and enterprises looking to modernize their payment platforms and harness cutting-edge cognitive and AI technologies within a highly secure environment.
Andrew Higgins emphasized that the payments industry is on the brink of profound change, requiring modern infrastructure and heightened efficiency. He further noted that IBM is gratified to present a solution to the worldwide Swift community that harnesses the benefits of cutting-edge technology while reducing the substantial expenses linked to development, upkeep, and compliance.
This partnership offers IBM Payments Center a unique opportunity to streamline access, seamlessly integrate, and drive innovation in payment solutions. It enables the center to leverage an extended range of application user interfaces (APIs) and gain comprehensive access to API testing materials, documentation, and accreditation status, empowering them to deliver cutting-edge financial solutions efficiently.
Through its active engagement in Swift Partner Programme, IBM Payments Center has opened up new avenues for collaboration with a diverse network of over 11,000 banking institutions across more than 200 countries, fostering opportunities for synergistic partnerships and global cooperation.
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