Oracle unveils brand new payments platform for banks

Oracle unveils brand new payments platform for banks

Oracle has unveiled its brand new development, Oracle Banking Payments. The product has been built from the ground up, leverages ISO 20022 and supports global and local payment standards (SEPA, Swift 2017, Fedwire, US ACH and Swift’s gpi).

“It is designed to help banks compartmentalise payments messaging, message transformation and payment processing while providing high fidelity insight,” Oracle says.

“Using the Oracle Banking Payments API, banks can also innovate within the internet of payments, collaboration with third parties or curate new business models in collaboration with fintechs.”

The solution is available worldwide.

Chet Kamat, senior vice-president, Oracle FSS, says the company has been supporting payments for over 20 years and runs payments in 500+ banks across 140 countries. In India, it enables over 20% of inward and 22% of the outward real-time settlements, he notes.


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