Bank of America has selected Oracle's cloud-based ERP and financial applications for both its international general ledger and its broker-dealer systems. The tech giant announced the news today. As the world leader in Cloud ERP systems, Oracle has more than 5,000 Fusion Financial cloud applications customers installed worldwide.
Bank of America is one of the world's leading financial institutions, and America’s 2nd largest bank. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships. “Bank of America is among the most sophisticated applications customers in the world,” said Mark Hurd, CEO of Oracle. He added, “Companies in record numbers are migrating legacy ERP applications to Oracle ERP Cloud. Oracle will deliver Bank of America the most modern, complete, global ERP applications in the world.”
According to reports, the Oracle software will run on Bank of America’s premises, but will use Oracle’s people and hardware, and the same underlying technology as Oracle’s cloud-based ERP.
Cathy Bessant, Chief Operations and Technology Officer for Bank of America, stated “Our continued focus on technology modernization has positioned Bank of America as a contemporary technology company.” she further continued “Our agreement with Oracle is about our technology and culture; we’ll learn with and from each other to deliver the best solutions. We anticipate 80 percent of our technology workloads will be delivered on the cloud within the next few years, and this solution for general ledger reflects our evolving strategy and the improvements in cloud security and economics.”