REDWOOD SHORES, Calif., Oct. 28,
2020 /PRNewswire/ -- Oracle today announced new cloud
services to help mid-sized banks combat money laundering and
outsmart financial crime. Oracle Financial Crime and Compliance
Management Cloud Service brings two decades of experience in
fighting big bank financial crime to an easy-to-manage,
cost-effective application suite designed for mid-sized banks. The
solution powers the full anti-money laundering (AML) lifecycle, so
institutions can streamline compliance activities and costs and
quickly identify abnormal customer behavior to stop illicit
activity.
Built on the highly secure, scalable Oracle Cloud Infrastructure
(OCI), Oracle Financial Crime and Compliance Management Cloud
Service's Transaction Monitoring and Regulatory Reporting
applications are available today. Know Your Customer (KYC) and
Customer Screening capabilities are expected later this year.
"With criminals getting increasingly sophisticated, mid-sized
banks struggle to keep pace with the complexity and cost of
fighting financial crime," said Sonny
Singh, executive vice president and general manager, Oracle
Financial Services. "We're leveling the playing field by bringing
the same modern crime detection and reporting capabilities afforded
to larger institutions to mid-sized banks in a package that suits
their unique requirements and cost structures."
Fighting financial crime in the cloud
The application suite delivers the capabilities mid-sized banks
need to help them stay compliant and safe, including:
- An extensive catalog of regulator-accepted AML scenarios
developed over years of working with the largest, most complex
banks.
- Built-in tools for custom scenario design, analysis, threshold
simulation, and tuning.
- A centralized, 360-degree view of customers and events.
- Out-of-the-box regulatory reporting templates to help comply
with requirements across key global jurisdictions.
- The ability to easily scale and configure to support new
products.
Oracle Financial Crime and Compliance Management Cloud Service
is available today in North
America and Western Europe,
with additional regions to come. Learn more at:
https://www.oracle.com/industries/financial-services/aml-and-financial-crime-compliance/cloud-service/
Oracle Financial Services
Oracle Financial Services
provides solutions for retail banking, corporate banking, payments,
asset management, life insurance, annuities, and healthcare payers.
With our comprehensive set of integrated digital and data
platforms, banks and insurers are empowered to deliver
next-generation financial services. We enable customer-centric
transformation, support collaborative innovation, and drive
efficiency. Our data and analytical platforms help financial
institutions drive customer insight, integrate risk and
finance, fight financial crime, and comply with regulations. To
learn more visit our website at
https://www.oracle.com/industries/financial-services/index.html.
About Oracle
The Oracle Cloud offers a complete suite
of integrated applications for Sales, Service, Marketing, Human
Resources, Finance, Supply Chain and Manufacturing, plus
Highly-Automated and Secure Generation 2 Infrastructure featuring
the Oracle Autonomous Database. For more information about Oracle
(NYSE: ORCL), please visit us at www.oracle.com.
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of Oracle and/or its affiliates. Other names may be trademarks of
their respective owners.
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SOURCE Oracle