Oracle Banking APIs

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Overview

Oracle Banking APIs is a packaged banking API solution designed to empower banks in the era of open banking. An in-house API ecosystem builds can take up to a year for a bank to develop 3 to 4 fully functional, parameterized and secures APIs. The Oracle solution’s API technology embeds identity, entitlement, limits, consent and access management ensuring adopters of the solution, almost instant naturalization into the prevailing open banking ecosystem. Reducing the time to market from a year to a few days. The solution goes beyond compliance with Open banking regulations like PSD2 and the UK Open Banking Standards and enables banks to look at open banking as a new channel for revenue generation.

Oracle, has developed an extensive set of banking APIs, leveraging its vast experience of delivering banking software. Oracle Banking APIs are available in purpose designed API taxonomy to enable banks to connect or partner with third party solution developers like Fintechs, other banks and corporate systems. This set of APIs can also act as a framework for banks to begin an enterprise level transformation. Oracle Banking APIs enable complete API management right from standardization, design, documentation, security to discovery, consumption, monetization and analysis ensuring smooth and easy digital transformation for banks. In other words Oracle has industrialized a set of APIs to work across the enterprise and help organizations realize the benefits of de-duplication, rationalize systems and increase bottom line growth.

The solution offers a comprehensive set of more than 1600 ready to deploy RESTful APIs. The solution’s API taxonomy categorizes APIs into Foundational APIs and Business APIs. Foundational APIs provide the functionality required for smooth and secure execution of banking transactions. They consist of security management, access management, alerts, limits management, feedback analysis, and approval functions which also ensure compliance with certain regulatory requirements. Business APIs provide functionality across retail banking, corporate banking, corporate process management, account aggregation and payments.

Design, customize and extend APIs via an API development toolkit enabling banks to build new APIs, manifest REST APIs exposed by the host as open banking APIs. Oracle Banking APIs is an enterprise level API solution with capabilities to provide synergies across an organization.Any API gateway, identity management and security solution can be deployed in tandem with Oracle Banking APIs. The success of any open banking initiative depends on easy discovery and availability of quality API documentation. Oracle Banking APIs has an extensive, easy to discover API documentation on Swagger.

The solution enables accelerated API commercialization with features like contextual relationship driven pricing, high fidelity insight on fees and charges, intelligent pricing engines and in-built loyalty reward mechanisms. Smart API monetization through innovative models like relationship-based API pricing and a “Freemium” API pricing model can be explored with Oracle.

Oracle has been actively collaborating with Fintech’s and startups across global fintechs hotspots. Accelerate innovation with Oracle’s startup ecosystem,Fintechs within the Oracle Startup Ecosystem offer solutions in the domains of Artificial intelligence, biometrics, retail and corporate marketplaces, reg tech, risk & compliance, payments, originations, customer loyalty management, customer retention, trade finance, investment and financial wellness.

Key Features

·More than 1600 ready to deploy RESTful APIs, including all PSD2 and UK Open Banking Standards related functionality

·Extensive API documentation available on Swagger

·Fine grain Consent Management, Access Management and Entitlement Management

·API builder tool enables API creation, customization and change management

·Account Aggregation APIs enable banks to access a customer’s financial portfolio across the financial services landscape

·Integrates with any API gateway, identity management, security solution and core product processor

·Centralized payment processing and monitoring

·Advanced API monetization features like contextual relationship pricing

·Comprehensive coverage of retail banking across various touch points for accounts, lending, cards, originations, PFM and payments

·Empower corporates with APIs servicing trade finance, forex, virtual accounts, corporate lending, supply chain finance and liquidity management

Key Benefits

·Orchestrate Open Banking strategy from a single, scalable solution

·Faster adoption of APIs ready for outbound discovery

·Reduce the API creation and customization process from months to days

·Acquire new customers using the solution account aggregation capabilities

·Partner with innovative financial service providers and offer the latest banking technology to customers

·Create unique offerings by combining capabilities of multiple Fintechs to provide customers an end to end solution

·Enhance corporate to bank connectivity

·Integrates with a banks existing technology and improves internal connectivity to reduce total cost of ownership