Oracle Banking Payments announced Wednesday (Oct. 7) that it is supporting SWIFT’s latest service to speed effortless global cross-border payments for small- and medium-sized business (SMBs) and consumer markets.
“We see great potential for banks that are competing against FinTechs and alternate networks when it comes to cross-border payments,” Sonny Singh, Oracle Financial Services’ executive vice president and general manager, said in a statement. “SWIFT’s [Society for Worldwide Interbank Financial Telecommunication] new service offers the possibility of borderless low-cost account-to-account currency transfers from the bank’s own app or portal, and Oracle Banking Payments’ readiness makes this transition easy and fast for SMEs.”
The subsidiary of Oracle Corp. is an IT solution provider to the financial services industry. SWIFT, based in Belgium, provides a network that enables financial institutions (FIs) to send and receive information about financial transactions in a secure, standardized and reliable environment.
As banks manage their ISO 20022 migrations, improve payment processing efficiency among high value payments systems, and implement new services within the Global Payment Initiative (gpi), Oracle said its goal is to lower the cost of ownership and make it easier for customers’ transition by investing in its solutions and supporting major industry initiatives.
With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks can limit any disruption to customers’ existing technology infrastructure to meet dynamic cross-border payment needs and lower ownership costs, the company added.
“SWIFT gpi has transformed high-value cross-border payments, and now we are working to help banks bring the benefits to SMEs and consumers,” said Carlo Palmers, head of payments solutions at SWIFT, in a statement. “Through collaboration with over 20 financial institutions and a number of vendors, we will enable these customers to make fast, easy, predictable and competitively priced payments all around the world via their banks.”
As a result, financial institutions (FIs) using Oracle’s banking payments are expected to better compete with global payment providers and card platforms for low-value transfers in major currency areas with the addition of SWIFT’s new account-to-account service for SMBs and consumers.
Oracle and SWIFT share a history of collaboration. Oracle’s solutions have been SWIFT-compatible for more than a decade. More than 600 banks in more than 140 countries use Oracle’s banking and payment solutions to exchange messages, send, and receive payments on the SWIFT network, the company said.