New Oracle Banking APIs Help Banks Build Faster, Better Services
Oracle Financial Services today announced the general availability of a new solution Oracle Banking APIs targeted at helping banks embarking on an Open Banking journey. Banks can take advantage of the ready to consume APIs to accelerate their initiatives to tap new opportunities presented by open banking and regulations like PSD2. Oracle Banking APIs enable banks to build seamless partnerships with third-party technology organizations, easily integrate with corporate client applications and reduce the time between API ideation and delivery.
Banks today are faced with the daunting task of identifying underlying systems, designing customized APIs and exposing them for consumption. This process can take between 12 to 24 months, depending on the complexity of the banks’ IT landscape. Oracle Banking APIs reduces this effort by providing banks a prebuilt repository of more than 1,500 REST APIs which have been matured based on Oracle’s experience of servicing 600+ banks across 140 countries over two decades.
“The early mover advantage is critical for success for banks in the open banking era,” said Chet Kamat, Senior Vice President, Oracle Financial Services. “Oracle Banking APIs is designed to bring acceleration, and help banks gain competitive advantage in the market.”
“At Weatherbys Bank, we believe in providing personalised service, considering every customer a unique individual. Oracle Banking APIs will enable us to provide innovative tailored services, while managing customer consent, identity and security,” said Suzie Batten, Chief Technology Officer, Weatherbys Bank. “With Oracle Banking APIs, Weatherbys can comply with PSD2 and Open Banking rules in the UK. We look forward to simplifying our customers’ financial transactions and enhance our value in making banking an effortless experience.”
Banks that use Oracle Banking APIs can take advantage of pre-integration with existing Oracle core banking systems, Oracle Banking Digital Experience, Oracle Identity Cloud Service and Oracle API Platform Cloud Service. The solution is also capable of working with any core banking or online banking solution, identity management and API gateway solution.
Key features of Oracle Banking APIs:
More than 1,500 APIs in the sphere of payments, retail and corporate banking including specialized functionalities such as multiproduct originations, retail customer financial insights, bulk payments, and trade finance
Dynamic customizable APIs that understand business logic with intelligent pre- and post-processing capabilities
Centralized change management for faster-time-to-market
Ease of integration with any existing banking solutions
Oracle Financial Services Hackathon enables Fintechs on Oracle Banking APIs
As part of its Open Banking initiative Oracle Financial Services teamed with Oracle Cloud Startup Accelerator (OCSA) & Oracle Scaleup Ecosystem to host its first Fintech focused Hackathon. Thirteen Fintech startups were carefully selected to participate and address critical domain areas. They were provided a API Sandbox of Oracle Banking APIs to develop use cases. The Fintech participants cover areas such identity verification, AI, Payments, credit scoring, personal financial management, account receivables and marketplace.
The global initiative provides Fintechs access to Oracle’s ecosystem of banking clients across 140+ countries and gives banks a set of Fintechs which are ready to integrate to their landscape and solve real world problems–all powered by Oracle Banking API. Fintechs from the Hackathon are presenting at Oracle Industry Connect.