Oracle Achieves Swift Compatible Application for Payments 2025
Oracle
Financial Services announced that Oracle Banking Payments has
been validated as a Swift Compatible
Application. With this achievement, financial institutions can feel confident
in leveraging Oracle's solutions to help meet Swift standards for payment
security, interoperability, and regulatory compliance, while benefitting from
modern, AI-enabled payment messaging processing.
Oracle
Banking Payments is built natively on the ISO 20022 framework. The
subscription-based application processes multiple payment types and is
constantly updated to reflect scheme rulebooks and guidelines to provide
customers a compatible, compliant, and secure digital payment processing
platform.
Readying for MX Migration
As the
industry prepares for the full migration from legacy financial messaging
formats to ISO 20022 MX message formats, the mandatory global standard for
high-value payments and cash reporting is set to go live in November 2025.
The
future-ready ISO 20022 Oracle Banking Payments solutions will enable financial
institutions to seamlessly migrate to MX formats to meet Swift deadlines while
coexisting with remaining legacy formats. Users will also benefit from improved
transparency, advanced analytics, and streamlined compliance and anti-fraud processes.
"As
the coexistence window for legacy MT formats nears its end, banks that haven't
modernized face increasing operational and customer risks," said Sonny
Singh, executive vice president and general manager, Oracle Financial Services.
"Continually delivering Swift-validated applications reflects Oracle's
deep commitment to providing secure, standards-based solutions that empower
financial institutions to meet the demands of a fast-evolving payments
ecosystem. With Oracle Banking Payments, banks can seamlessly transition to ISO
20022, strengthen compliance, and unlock the potential of data-driven,
real-time payments for their customers."
The
adoption of ISO 20022 is pivotal not only for regulatory compliance but also
for enabling real-time payments and delivering superior customer experiences.
Oracle's Swift-validated banking solutions enable banks to capitalize on rich
data availability, facilitate more precise reconciliations, benefit from
efficient straight-through processing to speed transaction and minimize errors,
and power new digital banking innovations.
Leave A Comment