Oracle unleashes open API banking solution set
Oracle has unveiled its array of open banking solutions as it targets banks and pushing APIs into the mainstream.
The firm says its end-to-end solution set is “packaged and ready for integration with any financial institution’s tech ecosystem” and is suited to initiatives that require design, documentation, simulation, management, identity/security management and monetisation backed by business analytics.
Like many other companies, Oracle says the rise of fintechs and increased scrutiny from regulatory agencies mean banks have to begin operating as “platforms” that enable direct integration from third party applications.
Oracle SVP Chet Kamat states that a “two-fold approach is necessary when implementing customer facing technology” – namely “acquiring plug-and-play lifecycle experience products – like mobile applications and omni-channel user experience solutions – and adopting open API banking”.
In an exclusive interview with Daily News at Sibos, Karthick Prasad, vice-president, head of product management and product engineering, Oracle, says that it’s solution set is different from competitors because “it’s an end-to-end solution that gives customers a choice”.
Prasad says: “The initial wave of APIs has been exploratory but I believe the next wave will be realistic. Because of PSD2 approaching, more payment APIs will be used.”
He likens Oracle to a “factory line producing APIs” and says its main target market is banks. The Oracle strategy from this launch is to bring in new revenue streams for the banks via APIs.
Prasad adds that its goal at the event comprises two things: “We want to network of course but also bring more attention to APIs. So, it’s not just sales but dialogue. We want to drive more conversation at Sibos to get APIs into the mainstream.”
The solution set includes:
- Banking digital experience: multi-channel solution provides over 1,000 APIs;
- Revenue management and billing: allows the bank to price each API call based on rate plans blended with enterprise class relationship pricing. This provides an API monetisation model for financial institutions;
- Identity cloud service management: security and identity platform that helps banks define and manage their API security policy;
- Apiary: cloud banking platform can be used to design, prototype, document and test APIs;
- API platform cloud service: manages the API lifecycle beginning with design and standardisation to documenting, publishing, and parameterisation and testing of prototypes;
- Banking payments: built from the ground up on ISO 20022.
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