October 17, 2017
With regulation and competition challenging banks in unprecedented ways, Oracle offers one of the most comprehensive open API banking solutions REDWOOD SHORES, Calif., Oct. 16, 2017- 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 disinter-mediated 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.
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.
- API Banking
- Business Models
- Digital Banking
- FinTech Acquisitions
- FinTech API
- FinTech Applications
- FinTech Disruption
- FinTech Innovation
- FInTech M&A
- FinTech Mergers
- FinTech Platforms
- FinTech Private Equity
- FinTech Solution
- FinTech Solutions
- FinTech Standards
- FinTech Startups
- FinTech Technology
- FinTech Venture Capital
- Mobile Banking
- Global FinTech Market Size by Technology, Service, Application, Deployment Mode, Region and Vendor – Forecast to 2025
- Samsung Reveals the new Samsung Pay Card, powered by Curve
- Fast-growing digital bank Revolut triples valuation to $5.5 billion
- Starling Bank boosts its business products
- Fintech Company EBANX is the Newest Unicorn in Latin America