The APIs enable banks to build partnerships with third-party technology organizations, integrate with corporate client applications and reduce the time between API ideation and delivery.
“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 are designed to bring acceleration and help banks gain competitive advantage in the market.”
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. But the APIs will also work with any core banking or online banking solution, identity management or API gateway solution.
“At Weatherbys Bank, we believe in providing personalized 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 U.K. We look forward to simplifying our customers’ financial transactions and enhancing our value in making banking an effortless experience.”
Some of the key features of the solution include ready-made APIs in the areas of payments, retail and corporate; customizable APIs that understand business logic with intelligent pre- and post-processing capabilities; centralized change management for faster time-to-market; and the ability to easily integrate with any existing banking solutions.
And as part of its Open Banking initiative, Oracle Financial Services partnered with Oracle Startup Cloud Accelerator and the Oracle Scaleup Ecosystem to host its first Fintech-focused hackathon. Thirteen Fintech startups were provided with an API sandbox of Oracle Banking APIs to develop use cases, covering areas such identity verification, AI, payments, credit scoring, personal financial management, account receivables and marketplace.