Oracle Corp. is offering a payments application programming interface based on the ISO 20022 standard that will allow banks to more easily collaborate with fintechs and other third parties.
The Oracle Banking Payments API moves banks toward an end-to-end payments channel that can prepare it for future platforms, including Internet of Things.
The ISO 20022 standard has been recognized as a key communication tool for U.S. banks working in faster payments and other new technologies. It allows banks to more easily initiate and receive payments with each other because of the detailed information related to the payments that the messaging standard carries.
"As a core banking vendor, we have been supporting payments for over two decades," Chet Kamat, senior vice president of Oracle Financial Services, said in a press release.
Oracle software supports payments for over 500 banks across 140 countries, Kamat added. "In many instances, our applications cater to a significant portion of a country or a jurisdiction's volumes."
Oracle Banking Payments will enable financial institutions to improve straight-through processing, support real-time and immediate payment settlement and reduce time-to-market for new innovations, Kamat said.
The application will support Swift, SEPA, Fedwire and U.S. Automated Clearing House standards.
Oracle Financial Services also supports banks through analytical applications, the Oracle Digital Banking Experience software and other management and billing platforms.