Oracle launched Financial Services Revenue Management and Billing Analytics aimed to help financial service providers to deliver better price execution, improve operations and meet revenue goals.
“This new capability complements the hundreds of billions of dollars that the existing Oracle product currently prices and bills annually for more than 30 financial institutions across banks, insurers, payment providers, healthcare providers and fintechs,” said Ashwin Goyal, Group Vice President, Oracle Financial Services.
Goyal added that Oracle Financial Services Revenue Management and Billing can process over 1 billion transactions per day. This solution is designed to address the transaction volume of the largest financial services institutions.
The new version is written in Java and have increased flexibility in dynamic parameters, value-based pricing, trial billing, tolerance reviews and Common Separated Values (CVS) document processing.
“As a FinTech company in the payments space, we understand the need to not only get to the market fast with new products and services, but also to have complete confidence in our revenue management lifecycle,” said Brendan McGrath, Chief financial officer, Zapp.
Oracle claimed that the new offering delivers detailed insights into operational performance trends that can significantly influence profitability and performance. Additionally, it indiacates contract churn and revenue loss from contract closures as well as trends against recorded KPIs.
Recently, Azerbaijan’s PASHA Bank OJSC selected Oracle FLEXCUBE to improve its go-to-market time for new products, reduce operational costs and drive growth internationally.
PASHA Bank required a core banking solution that would enable it to stay top in the market, while reducing its operational costs. The bank selected Oracle’s FLEXCUBE Universal and Direct Banking solutions.
Oracle solutions are designed to provide a single platform that would allow the bank to work across its entire geographic footprint, and to roll-out new products quickly to meet changing demands in the market.