Head Office: Oracle Park, off Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra, India Tel: +91 22 6718 3000 Email:
financialservices_ww@oracle.com Other Offices: India (6+), US (4), Canada, Chile, China (2), France, Germany, Greece, Ireland, Japan, Netherlands, Russia, Singapore, South Korea, UAE, UK Website:
www.oracle.com/financialservices Twitter: @OracleFS Contact: Tushar Chitra, Senior Director Marketing Tel: +91 80 4918 1017. Email:
tushar.chitra@
oracle.com Founded: 1991, as Citil (I-flex operational since 1993). Oracle FSS established in 2008 Ownership: Public limited company of which Oracle owns around 80 per cent Number of Staff: 9900+ Categories: Retail payment processing, wholesale payment processing, message routing, card management, anti-money laundering, cash management
The product suite
Oracle claims it can provide a full payments solution, including the technology and infrastructure. Oracle Payments is the central payment engine for Oracle E-Business Suite. Oracle claims key features are a central payment engine, configurable formatting framework, flexible validation model, payment data repository, electronic payment transmission, support for various business payment models, dashboards for monitoring payment processes, credit card support including validation, authorisation and settlement, PIN-less debit card transactions, integration with leading payment processors, and open, extensible interfaces for integrating with other payment systems. This is in part through its own offerings, particularly the
payments portion of its I-flex Solutions-derived Flexcube, plus other in-house components such as Mantas for AML. There is the Flexcube SwiftNet Services Integrator (Flexcube SSI) including a messaging hub and business-specific tools that help banks implement SwiftNet services across various lines of business and market infrastructure services, such as Step2 and Target2 within SEPA. Flexcube SSI includes support for Swift FileAct and InterAct. Oracle’s payments hand is also made up of some third party components, including Alaric’s payments switch and fraud detection offerings to underpin Oracle’s Consumer Payment Services Hub. Alaric has been an Oracle partner since 2001, saw this extended to a full international distribution arrangement in 2007 followed by an announcement about joint development on the retail hub in late 2009. Alaric’s Authentic system provides the multi-channel payment switching and authentication capability in the hub solution; Alaric’s Fractals solution provides multi-instrument fraud detection and prevention capability. As of late 2013, Alaric is owned by NCR. For ATM, POS, and payments information management, Oracle partners with Australian firm, Distra (now part of ACI).
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Oracle has also worked with Vocalink to provide a solution for UK Faster Payments, with Distra part of this. Mantas is apparently integrated with Fractals. However, even in this area of fraud, things do not seem overly clear. In 2009, Oracle announced that real-time payments and online fraud detection combined with intelligent alert correlation capabilities were now part of a range of new features for Mantas. The system’s extended functionality had been enabled, Oracle stated, by integration with its own Adaptive Access Manager and Complex Events Processing products. Other components within the hub include Oracle
Business Activity Monitoring, Oracle’s Demantra for physical cash management, Oracle Business Intelligence Enterprise Edition Plus (OBIEE) and Adaptive Access Manager from the Oracle Fusion Middleware suite, as well as high availability and disaster tolerant data integration solutions derived from GoldenGate Software. The hub is meant to span device management, switching, security and authentication, reconciliations and settlement, data management, customer acquisition and cash management and control, as well as the technical platform. There is also Oracle Financial Gateway. It is touted as a
centralised framework for payments processing for banks and corporates. It enables a corporate to manage all payments from a single platform, and helps with the preparation, formatting, validation, approval and release of clean payment instructions to the bank or external payment system, including directly from ERP systems. However, in this same space, in October 2010, Oracle signed with payments systems provider, Fundtech, and ERP connectivity specialist, Sierra Atlantic, to provide a solution to integrate bank payments and receivables processing systems with corporate clients’ ERP systems. Joe Mazzetti, executive vice-president for corporate development at Fundtech at the time, said Oracle made the approaches as it sought to address the age-old problem of corporate-to-bank
Payment Systems & Suppliers Report |
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company details
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