The new platform supports banks through new distribution strategies
Oracle has released its new Banking Platform, which the company said will offer a set of business applications for large global banks to replace aging banking platforms.
The company said with the new platform, banks will be able to meet business challenges and transform their business models and processes to enhance productivity across both front and back offices as well as pare operating cost.
Oracle Financial Services Global Business Unit senior vice president and general manager Frank D. Brienzi said the new banking platform provides a suite of applications that makes the replacement of core systems viable for large banks, enabling strategic choices as well as providing flexibility and value.
"We have been very pleased with our strategic relationship in delivering this revolutionary new banking platform with National Australia Bank," Brienzi said.
"Oracle Banking Platform is in production at National Australia Bank's on-line direct bank (UBank), and we continue to make significant progress planning the conversions of their core retail and commercial banking units."
The new platform is designed as a native service-oriented architecture (SOA) platform and complements Oracle's FLEXCUBE core banking product.
Oracle Banking Platform supports banks through new distribution strategies, including multi-brand or white labeling, to tap new markets and enterprise product origination supporting multi-product and packages.
It also reduces in-house integration and testing efforts through pre-integrated enterprise applications and the underlying Oracle technology stack.
The first release of the new banking platform includes core banking deposits and loans capabilities, as well as enterprise origination and collection for personal banking functionality.