The human identity stands upon a versatile set of factors, and yet none define us better than our ability to grow on a consistent basis. This progressive approach, in particular, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Oracle has officially expanded its Oracle Banking Cloud Services portfolio to help banks quickly launch comprehensive transaction banking offerings. According to certain reports, the update will see these banks being able to seamlessly launch services like cash management, liquidity management, virtual account management, and plenty more. Such a capability, when placed alongside Oracle’s real-time payments processing, hyperscale account operations, and specialized APIs, should let users improve visibility, forecasting, and achieve better liquidity so to help customers leverage cash more effectively. Talk about what the development brings to Oracle’s banking portfolio on a granular level; we begin from its brand-new Liquidity Management Cloud Service only where we can now expect higher-yield investments and key capabilities such as pooling, sweeping, and interest optimization. The idea here is to empower banks in terms of managing their working capital more efficiently, improving accessibility to internal and external funding, and automating processes and backend systems. Next up, we must acknowledge Oracle Banking Enterprise Limits and Collateral Management Cloud Service, which is meant to provide comprehensive and highly configurable processes that digitize and simplify the entire credit lifecycle. You see, the service’s design can streamline onboarding of single or multiple borrowers, as well as the creation and management of limits, collaterals, and associated covenants across overdraft, lending, trade, and treasury products. From an overall standpoint, this sort of a service will help banks optimize credit decisions and accelerate credit origination and servicing, while simultaneously mitigating business risks. Moving on to Oracle Banking Payments Cloud Service, it facilitates payment processing in real-time, anywhere, and at scale. To deliver on the stated promise, Oracle has set in place a singular hub for all payment transactions, including SWIFT, SWIFT gpi, SEPA, NACHA, and many more. Not just that, the solution also boosts transaction efficiency using a one-stop payment processing solution which can process multiple payment types, thus ensuring significantly lower cost per payment and improved payment response time. Complimenting the same is the Oracle Banking Accounts Cloud Service. The context for the latest one is that it provides highly scalable demand deposit account processing on Oracle Coherence datagrid infrastructure. Put a centralized accounts’ engine in the mix and you have a system which users can leverage to streamline and optimize account management and operations. As of today, the service covers retail accounts, term deposits, nostro management, teller operations, and account servicing.
“Delivering enriched customer and banker experiences that provide immediate and tangible business value will be the growth lifeline for banks in the near term,” said Sonny Singh, executive vice president and general manager of Oracle Financial Services. “With Oracle Banking Cloud Services, banks can quickly compose and launch highly differentiated payment and transaction banking services that enable their customers to optimize cash and gain the capital clarity they need to meet the challenges and opportunities of a continually volatile market.”
Hold on, we are far from done, as we also must dig into Oracle Banking APIs Cloud Service. This one delivers over 1,800 ready-to-deploy business, and foundational banking APIs to jump-start any efforts related to API banking. By doing so, the service allows banks to apply Open Banking for the purpose of accelerating innovation but also for staying on top of all their regulatory objectives. Furthermore, owing its ability to integrate banking services across partner digital channels, touchpoints, and broader ecosystems, the solution dedicates special focus towards improving customer experience and accessing greater revenue opportunities. Within the whole banking suite, there is also a specialized Oracle Digital Banking Experience Cloud Service, which offers actionable insights to inform decision-making, alongside extensive self-service functionality and automation that help digitize receivables, improve liquidity positions, and instigate better management of supply chain finance.
Rounding off the highlights are Oracle Banking Virtual Account Management Cloud and Cash Management Cloud Services. These solutions, on their part, are intended to provide enhanced capital clarity, greater control over working capital, assistance for managing complex global account structures, accurate cash flow forecasting, efficient collections and receivables management, and automated reconciliation.
Built on microservices architecture, these services can run as a standalone or they can also work together in a complimentary fashion.
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