SOURCE: Oracle Corporation

Oracle Corporation

September 29, 2014 11:00 ET

New Oracle Financial Services Revenue Management and Billing Cloud Service Offers Faster Access to Transaction Pricing, Improved Invoice Creation and Revenue Management, and Increased Efficiency

Oracle Extends the Industry's Broadest and Most Advanced Cloud Portfolio With New Cloud Service for Financial Services Institutions

BOSTON, MA and SAN FRANCISCO, CA--(Marketwired - Sep 29, 2014) - - SIBOS and ORACLE OPENWORLD, SAN FRANCISCO -- Oracle (NYSE: ORCL)

News Summary
The growing importance of fee-based income as a revenue stream for financial institutions is driving banks to focus on improving their ability to calculate fees and charges, prepare invoices, and track customer balances efficiently, effectively and affordably. Helping financial institutions achieve this goal, Oracle Financial Services Revenue Management and Billing is now available as a cloud service and includes new and enhanced features for on-demand billing, multiparameter-based pricing, transaction feed management and data ingestion -- all available with faster deployment and lower total cost of ownership.

News Facts

  • Oracle today introduced Oracle Financial Services Revenue Management and Billing Cloud -- combining the power of Oracle's market-leading pricing, revenue management and billing solution with the simplicity, elasticity and security of Oracle Cloud. It empowers financial institutions to more closely focus on core business objectives, including dynamic pricing, revenue uptick, and driving more-flexible and innovative billing options for customers.
  • Financial institutions can effectively, efficiently and flexibly calculate fees, prepare invoices and track customer balances -- all with a newly scalable and secure platform in the cloud -- reducing the need for additional onsite datacenter investments and increasing operational efficiency. 
  • With Oracle Financial Services Revenue Management and Billing Cloud, existing customers of the solution gain the ability to more accurately bill customers for services thanks to greater transparency, better insight into fees and charges rules and efficient end-to-end revenue management via improved handling of account receivables.
  • The cloud-based solution enables financial institutions to improve customer service through seamless and secure application access, retaining loyal customers and staying ahead of the competition with new and enhanced features including:
    • On-demand billing: New cloud capabilities enable users to create ad hoc invoices that include data entered into the system around the clock, enabling banks to produce invoices at any time, regardless of the billing cycle. Generating invoices is no longer subject to batch windows or data cutoff limitations, giving financial institutions greater control over revenue by enabling proactive billing approaches.
    • Multiparameter-based pricing: To help banks price their increasingly complex array of products and services, Oracle Financial Services Revenue Management and Billing Cloud offers pricing based on various parameters such as channel, customer, segment, straight through processing (STP), direction, codeword and currency. This reduces the time and effort associated with establishing and maintaining numerous charge codes within a pricing and billing system, providing banks with more efficiency and the flexibility to price transactions more competitively.
    • Enhanced transaction feed management: The new cloud solution provides enhanced support for automatic upload of pricing-and-billing-related transactions, enabling entities such as a beneficiary, remitter, or a third party to bear the different charges or earn commissions for a single transaction. This reduces the processing rules considerably, reducing processing windows and decreasing operational expenses.
    • Enhanced data ingestion: Oracle Financial Services Revenue Management and Billing Cloud supports seamless data file integration, optimizing performance and enhancing data retrieval response times.
  • The Oracle Revenue Management and Billing team recently completed several benchmarking exercises of the product to ensure it is capable of meeting the performance demands of the largest global payments processors. Oracle Financial Services Revenue Management and Billing solution showed that it could easily scale up and beyond firms' processing needs -- completing the daily processing lifecycle in less than three hours for 125 million transactions and less than four hours for month-end processing.

Supporting Quotes
"Revenue leakage is estimated to cost banks 3 to 8 percent of their income. The primary causes are existing siloed systems and the lack of a unified revenue management process. Oracle Financial Services Revenue Management and Billing Cloud delivers functionally rich, highly scalable pricing, billing and collections capabilities on Oracle's secure public cloud infrastructure to help banks plug revenue leakage and generate new sources of revenue," said Sonny Singh, senior vice president and general manager, Oracle Financial Services.

Supporting Resources

About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE: ORCL), visit www.oracle.com.

About Oracle OpenWorld
Oracle OpenWorld San Francisco is the most important business and technology conference of the year for Oracle customers, prospective customers, and partners. This educational conference is dedicated to helping businesses optimize existing systems and understand upcoming industry trends and breakthroughs driven by technology. Oracle OpenWorld offers more than 2,700 educational sessions, hundreds of demos and hands-on labs, and exhibitions from more than 450 partners and customers from around the world showcasing applications, middleware, database, server and storage systems, industries, management, cloud, and infrastructure solutions -- all engineered for innovation. Oracle OpenWorld 2014 is being held September 28 through October 2 at the Moscone Center in San Francisco. For more information; to register; or to watch Oracle OpenWorld keynotes, sessions, and more, visit www.oracle.com/openworld. Join the Oracle OpenWorld discussion on Twitter, Facebook, and the Oracle OpenWorld blog.

About JavaOne
The JavaOne conference brings together Java experts and enthusiasts for an extraordinary week of learning and networking focused entirely on all things Java. With more than 550 sessions covering topics that span the breadth of the Java universe, keynotes from foremost Java visionaries, tutorials, and expert-led hands-on learning opportunities, JavaOne is the world's most important event for the Java community. Join the JavaOne discussion on Twitter, Facebook, LinkedIn, and the JavaOne blog.

Trademark
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Contact Information