REDWOOD SHORES, Calif., Oct. 16,
2017 /PRNewswire/ -- In today's economy, banks seek to
adapt a more customer-centric business model by delivering new
services with greater transparency. Traditional banks understand
that they must equip themselves with digital capabilities to avoid
being disintermediated by new players in the industry. Oracle's
open API banking solution set can help banks make the difference
they need. Packaged and ready for integration with any financial
institution's tech ecosystem, Oracle's end-to-end solution is well
suited for open API initiatives that require design, documentation,
simulation, management, identity/security management and
monetization backed by business analytics.
With both, the rise of fintechs and increased scrutiny from
regulatory agencies dominating industry conversation, banks must
look to embrace change rather than simply comply with it. This
means going beyond acting as traditional banks and begin operating
as 'platforms' that enable direct integration from third party
applications. Open API protocols have even gained global prominence
through region-specific initiatives that focus on end-customer
benefits. PSD2 regulation in the European Union and initiatives by
the Singapore Monetary Authority, U.K. Financial Conduct Authority
and Australia Economic Committee are ongoing efforts to make open
banking and open APIs standard.
This environment ushers an age of transparency that demands an
open API architecture, which typically requires components from
several vendors if it is to be executed successfully. Oracle today,
eliminates the need of engaging with multiple vendors, and offers
customers an end-to-end open API solution under one roof. It also
provides the added benefit of an unparalleled hyper-connected
experience.
"Times have changed and today, more than ever, a two-fold
approach is necessary when implementing customer facing
technology," said Oracle Senior Vice President Chet Kamat. "Quite simply, the two aspects are
acquiring plug-and-play lifecycle experience products—like mobile
applications and omni-channel user experience solutions—and
adopting open API banking. Oracle offers a solution versatile
enough to cater to both these needs."
Oracle's open API banking solution enables financial
institutions to roll out their API initiatives quickly. Banks can
gain new revenue streams, rethink their operating and business
models, all without disrupting their pre-existing tech
architecture. This is made possible by the sheer breadth of
offerings within Oracle's toolset.
Oracle's open API banking solution set includes:
- Oracle Banking Digital Experience: This full spectrum
multi-channel solution provides over 1000 fine grained APIs which
can be leveraged for Open Banking.
- Oracle Revenue Management and Billing: Allows the bank
to price each API call based on rate plans blended with enterprise
class relationship pricing. This provides a unique API monetization
model for financial institutions.
- Oracle Identity Cloud Service Management: A next-gen
security and identity platform that helps banks define and manage
their API security policy.
- Apiary: This cloud banking platform can be leveraged to
design, prototype, document and test APIs.
- Oracle API Platform Cloud Service: Manages the entire
API lifecycle beginning with design and standardization to
documenting, publishing, and parameterization and testing of
prototypes.
- Oracle Banking Payments: With payments underlining most
API regulations, banks need a robust payments engine to deliver
rich payment experiences. Built grounds up on ISO20022 Oracle's
payments solution gives banks the ability to cater to rich API
workloads.
About Oracle
The Oracle Cloud offers complete SaaS
application suites for ERP, HCM and CX, plus best-in-class database
Platform as a Service (PaaS) and Infrastructure as a
Service (IaaS) from data centers throughout the Americas,
Europe and Asia. For more information about Oracle
(NYSE:ORCL), please visit us at oracle.com.
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Safe Harbor
The preceding is intended to outline our
general product direction. It is intended for information purposes
only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making purchasing decisions. The
development, release, and timing of any features or functionality
described for Oracle's products remains at the sole discretion of
Oracle Corporation.
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SOURCE Oracle