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Oracle Unveils New Global Payments Solution for Banks

Oracle has unveiled its brand new development, Oracle Banking Payments. Built from the ground up, the service uses the ISO 20022 messaging standard and supports global and local payment standards, including SEPA, Swift 2017, Fedwire, U.S. ACH and Swift’s gpi, reports Paybefore sister publication Banking Technology.

“It is designed to help banks compartmentalize 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 more than 20 years and runs payments in 500+ banks across 140 countries. In India, it enables more than 20 percent of inward and 22 percent of the outward real-time settlements, he notes.

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