By Staff Writer
Oracle announced on Tuesday the launch of its open banking initiative, which includes a comprehensive set of PaaS capabilities as well as an open API framework enabling banks and fintechs to collaborate on a common cloud platform.
The company said in a statement that this digital innovation platform for open banking enables the development and deployment of fintech capabilities on a single platform in the public cloud.
In fact, according to a survey by Roubini ThoughtLab entitled “Wealth and Asset Management 2022: The Path to Digital Leadership”, open banking architectures are expected to grow by 28 percent over the next several years.
Oracle’s solution for open banking collaboration affords financial institutions the opportunity to secure data, algorithms and services through an open API model. Now more than ever, the banking industry relies on a digital-first marketplace, and Oracle equips customers with a best-in-class open banking solution that will expedite innovation.
“The Oracle digital innovation platform for open banking enables banks to achieve business goals by speeding up their innovation cycle and time to monetization through a digital-first foundation,” said Sanjay Mathew, senior director of Oracle’s Industry Solution Group.
“This digital innovation platform, which now offers Blockchain Cloud Services, is powered by the technology and expertise customers expect from Oracle, while bringing a growing catalog of APIs and fintech innovators to solve real business problems in the financial services ecosystem.”