Oracle Launches New Cybersecurity Apps To Help Small Banks

Enterprise IT solutions platform Oracle is introducing new cloud services to provide smaller banks with the ammunition to fight large-scale money laundering schemes, Oracle said in a statement on Wednesday (Oct. 28).

The Oracle Financial Crime and Compliance Management Cloud Service delivers extensive cybersecurity capabilities to financial institutions (FIs) of all sizes. With over 20 years of experience fighting cybercrime, the Oracle Cloud Infrastructure (OCI) claims to be highly secure and scalable.

Oracle’s Transaction Monitoring and Regulatory Reporting apps are available to customers now. The Know Your Customer (KYC) and Customer Screening capabilities are anticipated to be available before the end of 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. 

He added that Oracle is “leveling the playing field” by offering mid-sized banks the same sophisticated security and reporting capabilities that big FIs can access. The security package is scaled to meet the unique requirements and price points of smaller and mid-size FIs.

The application suite for smaller FIs includes a catalog of regulator-accepted AML scenarios, tools for custom scenario design and analysis, a 360-degree view of customers and events, regulatory reporting templates and more.

In the February Next-Gen AP Automation Tracker, David Haimes, senior director of ERP cloud development for Oracle, told PYMNTS that an automated payments workflow comes from a successful AP-ERP integration strategy. When businesses have the ability to incorporate AP solutions into their cloud-based ERP systems, there are many benefits.

Last June, Oracle advanced its Retail Brand Compliance Management Cloud Service with the latest innovations. Merchants had the opportunity to monitor the integrity of their materials and end products. Advancements to Oracle’s service empower businesses to source, develop, track and market their goods.