- Oracle Banking Payments, a major provider of finance software, has announced a new pairing with the global financial messaging service SWIFT as part of a push to help firms and consumers enjoy better online payments.
- It comes as banks consider the impact of the upcoming ISO 20022 migrations.
- “We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments,” said a senior Oracle figure.
Oracle Banking Payments, a leading provider of financial software, has announced plans to work alongside the global financial messaging service SWIFT.
The company says that it will work with SWIFT to help make international money transfers quicker and simpler.
Target customers will include small to medium-sized enterprises (SMEs) and consumer-based markets.
The move comes amid a context of change for the sector as banks are impacted by ISO 20022 migrations.
These changes will see banks dealing with a new set of regulations.
However, Oracle Banking Payments offers features that improve integration in this regard.
In a statement, a senior leader at Oracle said that the pairing between SWIFT and Oracle was long running.
Sonny Singh, who is executive vice president and general manager at Oracle Financial Services, said that Oracle was “proud” to have played such a significant early role.
“Oracle has long collaborated with SWIFT, and we are proud to be part of the early stages of design and pilot of this new service,” he said.
He went on to say that the opportunities for banks were now very strong.
“We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments.”
He also said that the new move would improve currency transfers.
“SWIFT’s 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.”
Carlo Palmers, SWIFT’s head of Payments Solutions, said that this stage of the process was about assisting banks in bringing the benefits of a changing payments landscape to consumers and firms.
“SWIFT gpi has transformed high-value cross-border payments, and now we are working to help banks bring the benefits to SMEs and consumers,” he said.
He added that SWIFT takes a collaborative approach in this regard.
“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.”
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