Oracle Offers Tools For Business Banking Visibility

Oracle Financial Services is giving customers more visibility into working capital through several new banking tools, according to a press release.

The solution will help customers put cash to work more quickly and improve their bottom lines, the release stated.

There are three new tools, according to the release: Supply Chain Finance, Liquidity Management, and Virtual Account Management cloud services. They’ll run on the Oracle Cloud Infrastructure.

With Supply Chain Finance, banks will gain access to services to help with working capital via “buyer-centric financing and reduced invoice payment cycles,” the release stated.

With Liquidity Management, banks will gain tools to help corporate clients manage their daily liquidity with better cash flow forecasting and streamlined collection and receivables management, according to the release.

And with Virtual Account Management, Oracle provides a “real-time view” into corporate cash positions, which allows for better working capital clarity, the release stated.

“The pandemic has left corporate banks grappling with significant loan losses and reduced capital investment but an increased expectation to economically accelerate new digital services,” said Oracle Financial Services Executive Vice President and General Manager Sonny Singh in the release. “Our first three corporate banking cloud services provide a clear path for corporate banks to migrate critical business functions to the cloud with reduced cost and increased digital scalability. This will provide a better experience and capital clarity for their corporate clients.”

Treasury functions have had a lot on their plates in recent times, with new factors to juggle.

According to PYMNTS, solving the cash management issues will come with first admitting the problems, which are often exacerbated due to companies not switching to digital. Less than 14 percent of chief financial officers (CFOs) are using digital technology in their operations. And as many as 91 percent say they lack visibility when they work.

The visibility that many of these CFOs need now often takes place on the cloud. The pandemic has shown the viability of the cloud for helping to keep finances flowing at a time when people could not be in the office.