Oracle Financial Services recently announced the launch of a platform designed for corporate banking customers that are in need of consolidated, streamlined views of their global banking operations.
The company announced Tuesday (July 24) that its Oracle Banking Virtual Account Management solution is now available to corporate banks. The solution aims to simplify banking for businesses with multiple bank accounts in multiple currencies.
The tool provides virtual account management (VAM) — a non-physical account used by corporations to manage working capital. Banks using Oracle’s solution can use a virtual account identifier to manage different rules for each of its corporate clients, including unique payment routing rules based on what business customers need. Financial institutions (FIs) can centralize liquidity and cash management and streamline transaction flows for their business customers. Business customers, meanwhile, can more easily reconcile transactions associated with their paying customers and their purpose of payment.
“Oracle is committed to building industry-first corporate banking capabilities that are digitally-enabled and exclusively designed for corporate banks,” said Oracle’s senior vice president of banking, Chet Kamat, in a statement. “To strengthen the relationship with their corporate customers, banks need to offer smarter transaction banking alternatives. Virtual accounts are an ideal way to give corporate customers access to real-time information and enable faster decision-making.”
Earlier this year, Oracle rolled out Oracle Banking APIs, a set of APIs for retail and corporate banking that support FIs’ efforts to develop partnerships with third-party service providers. The APIs, as well as Oracle’s new VAM solution, integrate with existing Oracle core banking systems already in use by banks.
Oracle is also enhancing its financial management services directly for corporate customers.
Earlier this month, Oracle announced that its blockchain platform for enterprises went live. The solution provides software and infrastructure for corporations to set up their own blockchain networks, and, according to Oracle Cloud Unit’s executive vice president, Amit Zavery, the potential applications for the tool are vast.
“Anywhere there’s data transfer and information flow, blockchain has a potential application,” he said at the time.