Oracle Extends Commitment to Open Banking and Payments Standards through BIAN & IFX Forum Memberships
- Payments , Banking
- 14.10.2015 01:00 am
Oracle today announced its membership of standards organizations IFX Forum and BIAN. Oracle has been a leader in the creation and support of open standards to enable systems and technology to work together, providing both efficiency and choice to our customers. These new memberships extend Oracle’s commitment and contributions to international and national standards.
Banks are grappling with modernizing their IT environments. Cloud adoption, the deployment of digital capabilities, and standards adoption can help them meet these challenges. Standards adoption provides a foundation for strategic enterprise architecture planning and application integration, both of which are critical in increasing bank agility.
IFX Forum and BIAN are two complementary industry-leading standards development organizations addressing Service Oriented Architecture (SOA) in financial services. BIAN and IFX frameworks are technology-neutral; when used together they can provide a powerful, standardized, interoperable solution for financial institutions. Both organizations believe that leveraging their standards together can positively impact in the banking industry and can bring mutual benefits to both organizations, now or in the future. The philosophies underpinning the BIAN and IFX standards closely align with Oracle's approach to unlocking value through collaboration across both standards and solutions.
“Oracle is committed to the use of open banking and payment standards. In joining IFX and BIAN we are building on our participation in the development of other international and national standards bodies. As an example we recently received the SWIFT Certified Application Payments Label.” said Sonny Singh, General Manager Financial Services, Oracle. “It is of great importance for Oracle to model industry best practices and standards. Being a part of these organizations can help us ensure that we achieve that objective. Oracle has been supporting the IFX and BIAN standards for years in customer deployments, and our memberships further demonstrate our commitment to helping financial services firms meet their business and technology goals,” added Sonny Singh.
"The IFX Forum is very pleased to welcome Oracle into its membership. This is a time of significant change in the financial services industry. Standards are playing an important role in enabling dramatic new capabilities that can only work well if financial institutions and their partners work together to create smooth, interoperable solutions that are resilient in the face of rapid innovation,” said Richard Urban, President, IFX Forum, Inc. “We are committed to that mission and believe Oracle can bring valuable expertise to our efforts.”
“BIAN, like Oracle, believes that technological innovation within financial services is essential for business growth. Having Oracle on board is a fantastic boost to the BIAN network and should be inspirational for others to join. BIAN can benefit from Oracle’s vast experience of providing specialized solutions across multiple industries, which can benefit BIAN as it continues the development of a standardized IT banking business framework for the global financial ecosystem,” said Hans Tesselaar, Executive Director of BIAN
Through Oracle’s membership in both BIAN and the IFX Forum, Oracle can contribute from experience gained delivering a broad range of solutions and technology to innovative financial institutions across the globe. Critically both BIAN and IFX Forum include leading financial institutions in the definition of their standards thus helping to ensure that the standards address both the existing systems and business requirements and the future strategic requirements of banks.