PRZOOM - /newswire/ -
Redwood Shores, CA, United States, 2020/10/28 - New cloud application suite helps mid-sized banks stay safe, compliant, and ready for growth - Oracle.com. NYSE, NASDAQ: ORCL
Oracle today announced new cloud services to help mid-sized banks combat money laundering and outsmart financial crime. Oracle Financial Crime and Compliance Management Cloud Service brings two decades of experience in fighting big bank financial crime to an easy-to-manage, cost-effective application suite designed for mid-sized banks. The solution powers the full anti-money laundering (AML) lifecycle, so institutions can streamline compliance activities and costs and quickly identify abnormal customer behavior to stop illicit activity.
Built on the highly secure, scalable Oracle Cloud Infrastructure (OCI), Financial Crime and Compliance Management Cloud Service’s Transaction Monitoring and Regulatory Reporting applications are available today. Know Your Customer (KYC) and Customer Screening capabilities are expected later this year.
“With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “We’re leveling the playing field by bringing the same modern crime detection and reporting capabilities afforded to larger institutions to mid-sized banks in a package that suits their unique requirements and cost structures.”
Fighting financial crime in the cloud
The application suite delivers the capabilities mid-sized banks need to help them stay compliant and safe, including:
• An extensive catalog of regulator-accepted AML scenarios developed over years of working with the largest, most complex banks.
• Built-in tools for custom scenario design, analysis, threshold simulation, and tuning.
• A centralized, 360-degree view of customers and events.
• Out-of-the-box regulatory reporting templates to help comply with requirements across key global jurisdictions.
• The ability to easily scale and configure to support new products.
Oracle Financial Services Crime and Compliance Management Cloud is available today in North America and Western Europe, with additional regions to come.
About Oracle Financial Services
Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks, and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations.
The Oracle Cloud (oracle.com) offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain, and Manufacturing, plus Highly Automated and Secure Oracle Cloud Infrastructure featuring the Oracle Autonomous Database.
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