Oracle announced on Monday the launch of its new digital innovation platform for open banking. According to the company, the platform enables the development and deployment of fintech capabilities on a single platform in the public cloud. Sanjay Mathew, Senior Director of Oracle’s Industry Solution Group, shared details about the platform by stating:
“The Oracle digital innovation platform for open banking enables banks to achieve business goals by speeding up their innovation cycle and time to monetization through a digital-first foundation. This digital innovation platform, which now offers Blockchain Cloud Services, is powered by the technology and expertise customers expect from Oracle, while bringing a growing catalog of APIs and fintech innovators to solve real business problems in the financial services ecosystem.”
Rik De Deyn, Oracle Senior Director, also commented:
“A collaborative community of banks and fintech channels will be key to the monetization of the API economy. We are delighted to embark on this journey with such industry leaders as Barclays and others who embraced Oracle’s open API catalog and ecosystem of banking services.” Marc Pettican, managing director for Barclays Commercial Payments, said: “Barclays is excited to collaborate with the Oracle open banking community.”
Oracle noted it will reveal even more details at the Oracle OpenWorld. The company then added it will also showcase the art of creating digital innovations within open banking, Fintech APIS, Oracle SAAS APIS and Bank APIs in the marketplace.