Banks Modernize Transaction Services in the Cloud with Oracle
New Oracle Banking Virtual Account Management Cloud Service offers scale and choice for corporate banks
Redwood Shores, Calif.—October 20, 2020
Corporations are under constant pressure to efficiently manage capital and adapt to changing environments. In turn, banks must offer transaction-banking solutions that can rapidly scale based on the dynamic shifts with corporate client demands. With the new Oracle Banking Virtual Account Management Cloud Service banks can quickly deploy a wide range of banking services that help their corporate customers easily access their cash position and manage working capital at any time.
Built on Oracle Cloud Infrastructure (OCI) and an adaptable microservices architecture, Oracle Virtual Account Management Cloud Service empowers banks to offer better transaction services such as efficient liquidity management, managing receivables and payables in real-time, in-house banking, and client money management. These services are critical as corporate clients’ cash flow priorities are constantly changing in this unpredictable environment.
“We have reinvented Virtual Account Management on a modern, open architecture, giving banks real-time liquidity insight to help drive unparalleled efficiency and offer better capital clarity for their customers,” said Sonny Singh, Executive Vice President and General Manager, Oracle Financial Services. “We’re delivering this service on our high-performance infrastructure cloud so banks receive the on-demand agility and scalability they need to innovate and succeed.”
When paired with the Oracle Banking Digital Experience, the cloud service provides clients self-service capabilities so they can perform the same actions as a banker, such as independently making transactions and forecasting cash flow. The standalone product is flexible and easily co-deployed with third-party cash and liquidity management programs, which makes for a faster and simpler implementation.
With Virtual Account Management Cloud Service, banks can also save time and money by optimizing internal operational expenses and helping eliminate capital expenditures. In addition, because the service is built on OCI, it offers high levels of system availability, scalability, performance, and data security.