Japan’s Mizuho Bank has joined forces with tech giant, Oracle, to update its outdated international banking system. The modernization process will occur over time in Mizuho’s key overseas offices, beginning with the New York branch. The partnership will see Oracle’s banking solutions being utilized to handle crucial functions for the bank, such as deposit accounts and liquidity management.
Mizuho Bank will be using Oracle’s Flexcube and Banking Liquidity Management, and has already implemented Oracle Fusion Cloud Enterprise Resource Planning to support financial processes in New York. The bank stated that Oracle’s solutions offer real-time processing, a high level of straight-through processing for deposit operations, integrated postings between branches and subsidiaries, and cash management services.
Takafumi Kawamura, General Manager of IT and Systems Control Department at Mizuho Bank, said, “When considering replacing our legacy banking system, we sought a partner with proven solutions and expertise in our market, to help us deliver greater value, faster.” He added, “Its functionally rich offering will enable us to quickly adapt to changes in the market and capitalise on new opportunities now and into the future.”
Mizuho Bank has plans to deploy the solution in its bank operations in Singapore as well as in other international offices.
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