Oracle announced the launch of Oracle Banking Cloud Services, a new suite of componentized, composable cloud native services. Among the six new services is a module for enterprise-wide limits and collateral management. The others are real-time ISO20022 global payment processing; API management; retail onboarding and originations; and self-service digital experience capabilities; and corporate demand deposit account processing.
Sonny Singh, executive vice president and general manager of Oracle Financial Services, said in a statement: “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.”
The services can run standalone, work 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.
The new services are built and running on the high performance, scalability, security, and compliance of Oracle Cloud Infrastructure, including OCI’s Oracle Kubernetes Engine. With most cloud regions available globally, in addition to the most extensive set of distributed options, Oracle Banking Cloud Services can be deployed based on sovereignty or data residency needs. New services include:
Related to the “Banking Enterprise Limits and Collateral Management Cloud” service, a company statement noted the absence of an enterprise-wide system leads to inefficient monitoring, and poor controls, and corporate banks are struggling to manage the influx of defaults. Oracle Banking Enterprise Limits and Collateral Management enables banks to gain a holistic view of their exposure by centralizing the limits definition process and collateral management. The service reduces risk by providing banks with a real-time solution for exposure tracking, credit underwriting, decisions, and approvals.