UAE-based Mashreq Bank is to implement a range of solutions within Oracle’s Transaction Banking suite.
These include digital banking, payments, trade finance, liquidity management, and virtual accounts. The bank is a long-standing user of the supplier’s Flexcube core banking system, having adopted this in 2010 within a multi-site contract.
Joel Van Dusen, group head of corporate and investment banking at Mashreq, says the additions are intended to “deliver innovation, expand coverage across industries, and deepen our relationship with customers”.
Oracle describes its Transaction Banking suite as a componentised building framework.
Venky Srinivasan, the supplier’s financial services group vice-president for Middle East, Africa, Asia Pacific, and Japan, says: “We built our new corporate, transaction banking, and payments solutions to provide the digital experience corporate clients demand today.
“This includes flexibility for faster product innovation and execution of payments on modern standards-based platforms. Our solutions will enable Mashreq to offer true next-generation transaction banking to its customers.”
The supplier claims its payments offering, Oracle Banking Payments, has been built from the ground up on a componentised architecture to support corporate payment systems, multiple payment types and industry standards, including ISO 20022, SWIFT gpi, SWIFT Low Value Payments, and PSD2.