Overview
Oracle Banking Payments is an enterprise payments hub designed to meet requirements of both retail and corporate banking. Built grounds up on ISO 20022, it provides the benefits of a superior data architecture and an ISO 20022 governance framework to support multiple scheme specific variations of messages and processing business logic. It offers out-of-box support for more than 15 major payment networks and schemes including SEPA and SEPA Instant, SWIFT, TARGET2, Fedwire, NACHA and CHIPS. The solution is SWIFT gpi attested, SWIFT-certified and compliant with PSD2 standards and offers a comprehensive suite of banking APIs and message library to support agility in design and go-to-market
Key Features
Payments processing for corporate and retail banking: Oracle Banking Payments offers comprehensive transaction processing support for payment needs of retail and corporate customers for both domestic and international payment transactions.
Built from grounds up on ISO 20022 standard messaging framework: The system supports end-to-end processing of transactions on an ISO 20022 messaging format across geographies thereby eliminating dependencies for a bank’s customers as long as their systems are in conformance with the messaging standard. The inherent ISO 20022 based build ensures banks are already well placed to take advantage of the global ISO 20022 payments modernization across payment networks
Built for real time payments: The system provides support for real-time payment settlement into the account. It helps achieve frictionless and responsive commercial transactions. Support is provided for major real-time payment networks across the world. The system allows for faster reconciliation and instant credit availability, providing better financial control and accuracy in liquidity. It enables banks to improve credit risk and treasury management
Comprehensive support for SWIFT gpi: Oracle Banking Payments supports all major SWIFT gpi Services – gCCT for Customer Credit Transfers, gCOV for Cover Payments, gFIT for Financial Transfers. With the addition of the new Low Value Payments initiative, a new category of transactions is now available under the name gLVP in the solution
Support for multi-bank, multi-currency, multi-CSM accounts: Oracle Banking Payments provides truly global payments transaction processing. It supports multicurrency accounts in a payments transaction as well as for processing a payment instructed in the debit account currency
Pre-integrated with best of breed Oracle applications: Oracle Banking Payments offers pre-integration with :
Oracle Banking APIs for ready to consume business APIs
Oracle Banking Liquidity Management and Virtual Account management for seamlessly liquidity management capabilities
Oracle Financial Services Analytical Applications for risk and fraud management capabilities
Oracle Financial Services Revenue Management and Billing for enterprise billing capabilities
Blockchain adapter for Oracle Banking Payments to integrate seamlessly with industry blockchain ecosystems
Moreover, Oracle continues to proactively invest in periodic regulatory upkeep of the product as well as connecting and processing transactions on a secure, high availability technology platform
Key Benefits
Designed for Co-Innovation with APIs, Distributed Ledger Technology Adapters and Open Banking
Stay compliant to global standards: Reduces complexity and enables compliance with SEPA, SWIFT and ISO schemes. The solution is certifeld with built-in SWIFT GPI and PSD2 standards. Provides seamless control over payments data for analytics and fraud prevention.
Supports seamless ecosystem connectivity through over 1500+ function rich, consumable business APIs and pre- integration with product processors and analytics
Enhance ROI with factory shipped out-of-box support for more than 15 major payment networks/ schemes including SWIFT and SWIFT gpi
Built for operational efficiency with robust queues, dashboards and STP management
Flexible architecture designed for seamless configurability and extensibility for new networks/ schemes
