View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Data
April 10, 2018

Oracle Releases 1500 APIs

APIs span payments, retail and corporate banking; include multiproduct originations, retail customer financial insights, bulk payments, and trade finance. 

By CBR Staff Writer

Oracle Financial Services is today making a prebuilt repository of more than 1,500 REST APIs available to its customers, the company said.

The release comes as PSD2/Open Banking forces banks to rethink their architecture, amid a move towards a banking marketplace powered by third-party access to customer data.

The Oracle suite spans APIs across payments, retail and corporate banking – including specialized functions like multiproduct originations, retail customer financial insights, bulk payments, and trade finance, the company said in a statement.

“The early mover advantage is critical for success for banks in the open banking era,” said Chet Kamat, Senior Vice President, Oracle Financial Services. “Oracle Banking APIs is designed to bring acceleration, and help banks gain competitive advantage.”

The solution is capable of working with any core banking or online banking solution, identity management and API gateway solution, Oracle added.

Meet the Conductor of the Open Banking Orchestra

The release comes after Hans Tessellaar, the Executive Director of The Banking Industry Architecture Network (BIAN), told Computer Business Review that Open Banking remained very much a work in progress.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

As he put it: “One of the biggest problems is simply that the regulator was not clear enough with their recommendations. Even in recent months they have been struggling to collect good examples of PSD2-compliant APIs.”

Awaiting the Open Banking “Killer App”

Research and Markets, meanwhile, in a report this week, sounded a subdued note on uptake.

“Consumer expectations for benefits of open banking are modest, and open banking-enabled end-user products commonly noted as in-market in the EU and the UK today indicate a predominance of personal financial management applications, which are typically without direct revenues to banks” the research house said.

Neither European nor US banks and providers have created a “killer app” that generates significant end-user benefits or institutional revenues, the report’s authors noted.

Oracle Financial Services meanwhile hopes that by teaming up with the company’s Cloud Startup Accelerator & Scaleup Ecosystem to host its first Fintech-focussed Hackathon, this may well change in the near future.

Startups Signzy, Active AI, Teknospire, Zwift Pay, KapitalWise, BnesisQalize, Happay, Statanalytics, Lifesaver, NumberzRaisin and Unscrambl were all selected to participate in the even this month, Oracle said, and provided a API Sandbox of Oracle Banking APIs to develop use cases.

As for the use cases? A case of watch this space…

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU