Oracle has launched a set of open API banking solutions, which assist banks in devising customer-centric business models with less ambiguity.
Oracle’s end-to-end solution is underpinned business analytics and is appropriate for open API initiatives that need design, documentation, simulation, management, identity/security management and monetization.
The banking solutions aid banks in launching API products at a brisk pace without disturbing existing tech framework.
The launch comes at a time when most of the banks are trying to operate as platforms by integrating with third parties to offer better banking experience to customers.
Recent efforts towards making open banking and open APIs standard include PSD2 regulation in the European Union and measures by the MAS, FCA and Australia Economic Committee.
Oracle’s open API architecture provides hyper-connected experience to customers by offering complete set of solutions on a single platform.
The open banking solution set consists of 1000 advanced APIs for open banking, Oracle revenue management and billing, identity cloud service management, cloud banking platform to design and test APIs, API platform cloud service and Oracle banking payments.
Oracle senior vice president Chet Kamat said:”Times have changed and today, more than ever, a two-fold approach is necessary when implementing customer facing technology.
“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.”