Straight-Through Processing for Corporate Payments
Oracle has released Oracle Service Bus Financial Services Edition for SWIFT and Oracle Service Bus Financial Services Edition for SEPA, service-oriented architecture (SOA) platforms that help businesses implement straight-through processing and enable a payments factory structure for treasury operations. As corporations move from a geographically dispersed, independently run set of treasury operations, they are looking for ways to streamline and consolidate bank processing yet still retain the reporting required on a regional basis. To employ a payments factory structure, companies must be able to send all their payments from throughout their global treasury operations through a single interface.
Accredited with the SWIFTReady Financial EAI 2008 label, Oracle Service Bus Financial Services Edition helps companies create a single window for both SWIFT and non-SWIFT financial messaging. By consolidating the external interfaces to multiple banks, Oracle Service Bus Financial Services Edition makes a single source of truth feasible through higher straight-through processing.
With a consolidated payment infrastructure and improved cash flow visibility, companies can track their global cash position, optimize working capital, and comply with regulatory standards for end-to-end audit tracking, such as Sarbanes-Oxley. “The crisis in today’s banking sector underscores the need for global cash-flow visibility more than ever,” says Andrea Klein, vice president of global financial services for Oracle.
Oracle Announces Launch of Oracle Insurance
In response to global insurance industry customer needs, Oracle has launched Oracle Insurance, releasing Oracle Application Integration Architecture Insurance Foundation Pack and creating an integration foundation for insurer systems. Oracle Insurance, which serves more than 2,000 insurance customers worldwide, helps insurers improve business agility through an end-to-end software offering that manages the entire enterprise—from technical infrastructure to core insurance processing. With Oracle Insurance products, insurers can get products to market faster, reduce operational costs, strengthen customer and distributor relationships, and gain full visibility into their business operations.
Oracle Insurance offers customers added flexibility to address critical business issues by delivering applications as part of an integrated solution or as a best-in-class offering. It leverages a broad standards-based product set that spans Oracle Database; Oracle Fusion Middleware; Oracle enterprise resource planning, customer relationship management, and enterprise performance management applications; as well as industry-specific offerings from Oracle’s AdminServer, Skywire Software, and Siebel product lines. Oracle Insurance builds on Oracle’s proven track record in the sector—with 20 of the top 20 Fortune 500 insurers using Oracle applications.
Oracle Buys Primavera
Oracle has agreed to acquire Primavera Software, a leading provider of project portfolio management (PPM) solutions, to create the first comprehensive enterprise PPM solution for project-intensive industries and to accelerate its momentum in delivering mission-critical operational applications.
Primavera’s PPM software helps companies propose, prioritize, and select project investments, and plan, manage, and control the most-complex projects and project portfolios.
Together with Oracle’s applications and infrastructure software, Oracle expects to provide the first comprehensive enterprise PPM solution that helps companies allocate the best resources, reduce costs, meet delivery dates, and ultimately make better decisions, all by using real-time data. Oracle enterprise PPM will be tailored to project-intensive industries such as engineering and construction, aerospace and defense, utilities, oil and gas, manufacturing, and professional services.