Oracle financial services have announced that it will launch its platform that is designed for corporate banking customers who are in need of consolidated streamlined views of global banking operation. Oracle announced this news this Tuesday that is July 24th. Oracle’s banking virtual account management solution is completely available for the corporate banks. In order to simplify banking for businesses with various bank accounts in multiple currencies, Oracle has certainly put in a lot of efforts and time into it.
This particular tool uses virtual management (VAM) where it is a non-physical account that is used by a corporation that manages working capital. Those banks that use Oracle’s solutions can optimize this virtual account identifier to manage different rules for all the corporate clients that include the payment routing rules that are based on business customer needs. The Financial Institutions can now centralize liquidity by having better cash management and streamline transaction flows for all those business customers. For all the business customers they can now easily reconcile transactions associated with paying customers and other purposes of payment.
Oracle’s senior vice president of banking, Chet Kamat, in a statement said, “Oracle is committed to building industry-first corporate banking capabilities that are digitally-enabled and exclusively designed for corporate banks.” All the plans to strengthen the relationship with its corporate customers, Oracle has provided banks with solutions that will allow banks to offer smarter transactions banking alternatives. Let us see what happens in the future.