Oracle Introduces Digital Innovation Platform for Open Banking

Oracle announced momentum for its open banking initiative, which includes a comprehensive set of PaaS capabilities as well as an open API framework enabling banks and fintechs to collaborate on a common cloud platform. This digital innovation platform for open banking enables the development and deployment of fintech capabilities on a single platform in the public cloud.

In today’s marketplace, open banking is no longer an aspirational goal, it is a necessity for any financial institution. Factors such as the global rise of fintechs, increasing pressure from European regulatory bodies and the need to create operational efficiencies have further heightened its importance. In fact, according to a survey by Roubini ThoughtLab entitled “Wealth and Asset Management 2022: The Path to Digital Leadership,” open banking architectures are expected to grow by 28 percent over the next several years.

Oracle’s solution for open banking collaboration affords financial institutions the opportunity to secure data, algorithms and services through an open API model. Now more than ever, the banking industry relies on a digital-first marketplace, and Oracle equips customers with a best-in-class open banking solution that will expedite innovation.

“The Oracle digital innovation platform for open banking enables banks to achieve business goals by speeding up their innovation cycle and time to monetization through a digital-first foundation,” said Sanjay Mathew, senior director of Oracle’s Industry Solution Group. “This digital innovation platform, which now offers Blockchain Cloud Services, is powered by the technology and expertise customers expect from Oracle, while bringing a growing catalog of APIs and fintech innovators to solve real business problems in the financial services ecosystem.”

The Oracle digital innovation platform for open banking combines an agile development environment that aligns with an extensive catalog of services, such as lending, payments and predictive analytics. The platform comes with an extensive fintech collaborator ecosystem that seamlessly interoperates via APIs and enables financial institutions to rapidly assemble, enable and digitize services. Through this offering, Oracle blends its tech-first expertise and deep financial services acumen with unparalleled cloud technology and offerings.

Collaboration with Fintechs and Financial Institutions

“A collaborative community of banks and fintech channels will be key to the monetization of the API economy,” said Rik De Deyn, Oracle senior director. “We are delighted to embark on this journey with such industry leaders as Barclays and others who embraced Oracle’s open API catalog and ecosystem of banking services.” Marc Pettican, managing director for Barclays Commercial Payments, said: “Barclays is excited to collaborate with the Oracle open banking community.”

Some of the other global fintech partners who have joined the Oracle open banking ecosystem include Biz2Credit, IPsoft and the TAS Group.