Oracle Links Banking Software to Swift Blockchain Network
Oracle has linked its banking software to Swift's new blockchain network, allowing banks to send digital bank money to customers of other banks more easily, even outside of business hours. This collaboration was announced during the international banking conference Sibos in Miami. Banks do not need to replace their existing payment and security systems, as the new technology will be layered on top of their current systems. The Swift network tracks what one bank owes to another, and according to Oracle, its software can connect digital orders with the systems that banks already use. This means that money can arrive faster at foreign recipients even outside of business hours, while banks retain control over the money and their existing fraud and anti-money laundering controls. Seventeen banks from six continents are preparing to make payments with digital bank money, but Oracle has not yet named specific banks that are already using the connection in practice, nor provided a date for a broader rollout.
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