Oracle Banking Payments has announced that it is supporting is supporting SWIFT’s latest service to make global cross-border payments fast, easy, predictable, and frictionless for small and medium enterprises (SME) and consumer markets.
As banks are managing their ISO 20022 migrations and implementing new services within the API program, Oracle has been investing in its solutions and supporting key industry initiatives.
With Oracle Banking Payments’ built-in integration with the new SWIFT service, banks can meet the dynamic cross-border payment needs and lower the total cost of ownership.
With the addition of SWIFT’s new account-to-account service for consumers and SMEs, they will also be able to offer competitively priced cross-border payments from account-to-account.
“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,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments. 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, Head of Payments Solutions at SWIFT, said: “SWIFT gpi has transformed high-value cross-border payments, and now we are working to help banks bring the benefits to SMEs and consumers. 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. We’re looking forward to continuing this collaboration as we move towards making it available to gpi financial institutions next year.”
