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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Investment Management
Genesis Global | September 25, 2023
Genesis Global, a low-code application development platform tailored for financial market organizations, has unveiled a new solution designed to streamline investment decisions for asset managers by aggregating new bond deal data. In the fast-paced primary markets for corporate bonds, asset managers often have just two hours to analyze and request allocations for new bond deals. The market's fragmentation makes this problem worse because banks use a variety of platforms, including DirectBooks, Ipreo (S&P Global), Bloomberg, Refinitiv, and email, to market about 40 new bond deals every day with frequent updates.
Genesis' customizable Primary Bond Issuance solution consolidates deal data from various sources into a single, real-time workspace. This workspace facilitates rapid decision-making by allowing portfolio managers, credit analysts, and traders to collaborate effectively.
Rahul Kambli, Product Manager for Primary Bond Issuance at Genesis, reportedly highlighted the pressure on asset managers to make quick decisions in the primary bond markets, stating,
Asset managers are under pressure to make decisions extremely quickly in bond primary markets, but failure is not an option because of the opportunity cost of missing out on the best deals.
[Source – Globe Newswire]
The Primary Bond Issuance solution incorporates AI-driven handlers to automatically process unstructured data received via instant messages and email, reducing the need for manual data entry. This AI technology is part of Genesis' broader investment in AI as a platform service across their solutions.
Key features of the solution include data aggregation, normalization, and scrubbing; AI-driven data processing; integration with analytics, reference data, and compliance systems; connectivity to order management systems for allocation requests; customizable alerts and workflow tools; full audit functionality; and collaboration tools such as Symphony for faster decision-making.
Genesis Global's Primary Bond Issuance solution is built on their low-code application development platform and offers configurability to suit user preferences for integrations and workflow design. It exemplifies Genesis' commitment to helping institutional asset managers automate their investment processes through modern applications that facilitate collaboration and data sharing among portfolio managers, traders, and credit analysts.
About Genesis Global
Genesis Global is a leading force in empowering financial market organizations with its software application platform. It specializes in creating high-performance, secure applications and transforming traditional development challenges. Genesis focuses on flexibility and excels in low-latency, high-throughput environments. It operates internationally from locations in important financial hubs with the support of Citi and the trust of organizations like BNY Mellon and ING.
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Security and Compliance
PR Newswire | September 29, 2023
Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, expanded its relationship with Amazon Web Services, Inc. (AWS) to transform financial crime risk operations, leveraging generative AI and large language models (LLMs). Integrating Genpact's proprietary cloud-based financial crime suite, riskCanvas™, with Amazon Bedrock, has led to accelerated efficiencies and impact for clients such as Apex Fintech Solutions.
Amazon Bedrock is a fully managed service that enables developers to test, integrate, and deploy industry-leading foundation models (FMs) via an application programming interface (API) and customize the models to best suit their unique use cases.
Building on its existing relationship with AWS, Genpact is now combining its intellectual property and deep industry expertise with AWS's generative AI capabilities.
For example, seamlessly incorporating Amazon Bedrock FMs into Genpact's riskCanvas financial crimes software suite aims to unlock exponential value and improve speed and accuracy in the detection, investigation, and prevention of financial crime threats for operations across enterprises. This allows experts to review outputs and incorporate a guided decision-making process, providing comprehensive summaries and analyses of potential financial crime activities – accelerating both efficiency and precision.
Genpact engaged multiple riskCanvas clients to significantly improve the detection, investigation, and prevention of a wide range of financial crime threats. As a result, Genpact is now driving accelerated efficiencies and delivering substantial impact for these clients in finance and capital markets, exemplified by their work with Apex Fintech Solutions.
"Financial criminals are constantly innovating, which means financial services companies need to use advanced digital technologies to stay one step ahead of them," said Justin Morgan, Head of Financial Crimes Compliance at Apex Fintech Solutions. "With the addition of generative AI features to Genpact's riskCanvas, our analysts will be able to produce Suspicious Activity Report (SAR) narratives and case summaries at the click of a button using inputs from millions of data points. We expect this will reduce time spent on case summarizations by 60%, allowing our analysts to spend more time identifying truly suspicious financial activity."
Using approved client data from the secure riskCanvas ecosystem, combined with Amazon Bedrock's secure data handling, enables the generation of highly accurate outcomes while maintaining data protection across clients.
"Responsible AI is a core consideration in AI implementation and its importance will continue to increase, said Atul Deo, General Manager, Amazon Bedrock at AWS. Amazon Bedrock is rooted in secure data handling, encrypting all data and allowing users to customize models privately. Integrated with Genpact's riskCanvas, this powerful combination enables our mutual customers to enhance productivity in investigating, detecting, and preventing financial crime threats.
The initiative enables clients to fully leverage the potential of generative AI solutions and drive secure, scalable, AI-led transformation.
"Data complexity and volume, false positives, and evolving sophisticated criminal tactics are accelerating the need for businesses to harness generative AI to transform financial crime operations," said BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare, Genpact. "Genpact's expanded relationship with AWS represents a pivotal step in redefining the operations landscape for enterprises. Together we can unlock untapped value, and fuel significant growth opportunities for our clients, solidifying our commitment to delivering valuable business impact."
For more information on Genpact's relationship with AWS, visit: AWS | Our Partners | Genpact, and for more information on our financial services visit: AWS Financial Services | Our Partners | Genpact.
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