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Mizuho Bank Implements Oracle Banking Tech

Mizuho Bank, Ltd., an integrated retail and corporate banking division of Mizuho Financial Group and one of the largest financial institutions in Japan, is upgrading its banking system for international transactions with Oracle.

Mizuho Bank Implements Oracle Banking Tech

Source: Pixabay.com

Mizuho will use Oracle banking solutions to support critical functions, including direct deposit accounts and liquidity management, in its overseas offices. This intention is based on the successful experience of replacing the outdated banking system, which was applied in the New York office.

Takafumi Kawamura, General manager of the IT and Systems Management Department No2 at Mizuho Bank, said that when looking for a partner to modernize the banking system, preference was given to those companies that are ready to offer proven solutions and have a successful history of presence in the market. He also noted that cooperation with Oracle will ensure an acceptable level of security, stability, and scalability.

Takafumi Kawamura says that the partnership will allow the bank to respond promptly to any market changes and use all new opportunities with maximum benefit.

Oracle solutions provide real-time data processing support, a high level of STP for deposit operations and cash management services, and deep integration between branches and subsidiaries for core banking operations.

Sonny Singh, Executive Vice President, and General Manager of Oracle Financial Services, noted that the solutions offered by the company provide banks with the opportunity to standardize a set of technologies in order to increase the level of business efficiency in different geographical locations. He also noticed that these solutions make the process of interaction with customers more flexible, allowing you to adapt as quickly as possible to the emerging needs of users.

As we have reported earlier, Deutsche Bank announced partnership with Oracle.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.