The APIs are part of a new packed solution offered by Oracle and can be implemented immediately. A range of APIs are included, covering corporate and retail banking, and payments, helping banks with the complex and time-consuming process of transitioning to open banking.
The new API solution is compatible and pre-integrated with Oracle Banking Digital Experience, Oracle Identity Cloud Service, Oracle API Platform Cloud Service, and Oracle Financial Services core banking systems. It is also compatible with all identity management and API gateway mechanisms and any online banking and core banking solution.
The motivation behind releasing such a large package of ready-to-use APIs is to help banks deal with the process of preparing for open banking by reducing the time and effort it takes them to get up-and-running. Specifically, Oracle FSS writes in a press release that:
“[b]anks today are faced with the daunting task of identifying underlying systems, designing customized APIs and exposing them for consumption. This process can take between 12 to 24 months, depending on the complexity of the banks’ IT landscape. Oracle Banking APIs reduces this effort by providing banks a prebuilt repository of more than 1,500 REST APIs”.
Banks that avail themselves of their solution will also gain a competitive advantage over their peers, the company says.
By Elliot Lyons, Research Analyst