Fintech Mercury Streamlines Virtual Payments with Oracle Cloud

Mercury is using Oracle Banking Payments, running on Oracle Cloud Infrastructure (OCI) in order “to help democratize digital payments in the UAE.”

With Oracle Banking Payments, Mercury was able “to capitalize on changes in the digital payments landscape in the post-pandemic era to create their unique offering in the market.”

Today, its Payments-as-a-Service offering “facilitates and simplifies payments by connecting customers, banks, exchange houses, government bodies, and enterprises.” The offering was created “to support the Instant Payment Platform for the UAE Central Bank National Payment Systems Strategy (NPSS).”

Nihad Nazir, chief digital and technology officer Mercury Payments, said:

“Mercury Payments Services was formed with a mission to democratize financial services. Our vision and strategy are to make payments completely safe, secure, and smart for all our stakeholders using the most advanced technologies. We sought to provide payment services to the UAE’s traditionally disenfranchised, unbanked populace. Now, we are expanding our solutions with a sophisticated Platform-as-a-service offering for banks and exchange houses that makes the most of Oracle’s banking expertise and Oracle’s cloud innovations in region, including their recent data center launch in Abu Dhabi.”

In addition to using a number of solutions in the Oracle Banking Payment Hub and OCI, Mercury also recently “went live with Oracle Fusion Cloud Enterprise Resource Planning (ERP) in just 15 days.”

As Mercury evolves, it plans “to continue its cloud-first application strategy.”

Gururaj Balakrishna, Mercury Payments, Chief Risk Officer, said:

“We are constantly adopting new technologies to fuel our unique business models that focus on maximizing digital transformation. Our partnership with Oracle on Payments-as-a-Service, as part of the critical NPSS initiative, helps us achieve our objectives of offering customer centric digital solutions.”

Mr. Sonny Singh, senior vice president and general manager of Oracle Financial Services, remarked:

“The pandemic became a forcing function to push people away from cash towards more digital, contactless payments both for safety and convenience – and consumers and businesses are never going back. Leveraging our proven payment solutions, together with the scalability, security, and performance of OCI, Mercury was able to quickly execute its vision of bringing digital payments to institutions and people across the UAE.”

Oracle Banking financial services applications “enable banks to offer a complete set of digital banking services to customers.” The portfolio reportedly “includes the digital core and applications for retail and corporate banking, real-time payments, and digital experience.”

Built on a microservices architecture with 3,000-plus open banking APIs, Oracle Banking makes it “easy for fintechs like Mercury Payments to “plug in” additional Oracle and third-party services when they need them.” It also “provides a scalable, cloud environment for growth through Oracle Cloud Infrastructure.”

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