Banks Accelerate Move to Cloud with Oracle Banking Services

With transaction volumes, customer expectations, and competitive threats at an all-time high, banks must “adapt quickly to keep pace.”

To address these challenges, Oracle launched Oracle Banking Cloud Services, a new suite of componentized, composable cloud native services.

The six new services available “provide banks with highly scalable corporate demand deposit account processing; enterprise-wide limits and collateral management; real-time ISO20022 global payment processing; API management; retail onboarding and originations; and new self-service digital experience capabilities.”

Built on a microservices architecture, they “help banks renovate and modernize their business capabilities faster and with less risk.”

Sonny Singh, executive vice president and general manager of Oracle Financial Services, said:

“Banks must innovate to succeed in today’s hyper competitive environment. 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 seamlessly 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.”

Jerry Silva, Program Vice President, IDC, remarked:

“The most recent IDC 2022 Worldwide Industry CloudPath Survey shows that nearly all banks surveyed plan to increase spending on all cloud deployment models. Including private cloud and public cloud infrastructure as a service (IaaS) and software as a service (SaaS), public cloud services are expected to grow at twice the rate of overall IT spending at 15% CAGR over the same five-year period, gaining a larger share of banks’ IT budgets.”

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.”

For more details, check here.

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