Oracle announces plans to integrate Oracle E-Business Suite and Oracle Application Server with SWIFTNet

The move is expected to create interest among Oracle Middle East's considerable customer base of banks doing business in the region.

This integration into SWIFT's messaging platform, SWIFTNet is part of an initiative designed to help business enterprises improve operational efficiency and reduce risk by enabling seamless, back-office integration of critical information from numerous financial institutions. It is also expected to provide an opportunity for financial services providers, including those operating in the Middle East, to extend the information services and value they deliver to their regional business customers.

Oracle is partnering with SWIFT − to bridge the "last mile" of integration between financial services providers and customer back-office systems. Historically, financial services organizations have delivered information to their corporate customers' "front doors" but did not take steps to ensure that the information could be integrated with customer back-office business information systems. Corporations have had to develop expensive, customized integration options or work with third parties to effectively leverage such data in their organizations.

Numerous business, regulatory and national security requirements - including corporate governance and compliance directives, and the need to monitor capital adequacy and operational risk to achieve accounting transparency - are driving the need for an end-to-end solution that bridges the information chasm between financial services organizations and their customers. With its increasing levels of competition and a potential increase in regional regulation, the Middle East's banking sector is ideally positioned to benefit from the Oracle integration initiative.

"The benefits that integrating Oracle E-Business Suite with SWIFTNet will deliver to customers in the Middle East are considerable. Not only will banks have a new competitive advantage through enhanced information provision, but their business customers will also have access to business intelligence, and a more informed decision-making process," said Hussein Hamza, Industry Manager, Finsnacial Services Industry, Middle East and Africa, Oracle Corporation.

Significant benefits likely for Middle East users

Integration will enable regional enterprises to achieve a single source of data - encompassing both financial and information transactions - to run their global business or a personal account. Enhancing Oracle applications for procurement, payables, receivables, payments and expenses to utilize the SWIFTNet standard format will enable Middle East corporations to create a single, integrated processing environment. This environment delivers a consistent, transparent view of data across the enterprise to optimize the use of funds on account with various institutions. Corporate treasurers, in turn, will have the ability to integrate back-office information with their bank-supplied cash management services to improve funds allocation throughout the day.

The Oracle solution, based on Oracle Application Server, is expected to provide SWIFTNet interoperability for both users of Oracle applications as well as other ERP systems. Oracle Application Server can enable facilities to receive, translate, transform and help ensure delivery of SWIFT messages; to audit and track them; and to integrate them with corporate information systems, enterprise data hubs and Corporate Business Processes. Companies can also use standard Trading Partner Management facilities to create, monitor and manage agreements with SWIFT business partners.

The announcement comes at a time when Oracle Middle East and Africa is not only increasing its market share in the financial services sector, but also maintaining its leadership position as the region's preferred enterprise applications vendor of choice with over 750 enterprises using Oracle E-Business Suite currently in the region.