Oracle launches new Cloud services to help banks meet customer demands

NEW DELHI: Cloud major Oracle on Monday launched Banking Cloud Services, a new suite of componentised, composable services for the banking industry.

The Cloud-native, software-as-a-service (SaaS) suite will give corporate and retail banks the agility to modernise their banking applications to meet customer demands.

"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," Sonny Singh, EVP and general manager of Oracle Financial Services.

The new services in the suite are 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.

"Oracle's investment in SaaS and our data centres in Mumbai and Hyderabad provide banks the confidence and ability to rapidly transform their business, optimise operating costs and offer unparalleled customer service," said Venky Srinivasan, group vice president, APJ and MEA Sales, Oracle FSGBU.

The services can run standalone, work seamlessly together, and coexist with existing applications to help banks lower cost and risk while increasing innovation.

The new services are built and running on Oracle Cloud Infrastructure, including OCI's Oracle Kubernetes Engine.