Oracle Financial Services Software Ltd, a division of Oracle Corp, has partnered with financial technology company Everest to deliver blockchain to banks throughout the globe, according to Everest CEO and co-creator Bob Reid.
Oracle Financial’s software is often used in retail, business, and insurance banking.
Everest, whose blockchain technology supports many financial services, confirmed it previously collaborated with the Asian Development Bank on the Central Bank of Samoa’s regulatory compliance system. Everest is also a registered cryptocurrency custodian.
According to Reid, Oracle’s bank clients would be able to validate a customer’s identities and move them to the blockchain platform in multiple nations as part of the partnership. Everest is a Malta-based company with a registered status.
During the last ten years, blockchain, a digital ledger of transactions, has acquired popularity as the technology that underpins bitcoin, the biggest digital currency.
“Oracle does some blockchain work in their cloud, which is not related to the core banking and financial platform that they sell to banks,” Reid stated. “We’re bringing blockchain for identity and account creation to Oracle.”
In 2018, Oracle, the parent corporation, released a cloud-based blockchain platform.
Everest’s blockchain-based identification and biometric authentication services could boost Oracle’s banking software, according to Everest’s chief official. Its financial software section currently offers a wide range of anti-money laundering capabilities.
According to Reid, the two services would be combined into a single product by the end of this year.
According to John Edison, vice president and head of Oracle’s Financial Crime and Compliance Management Products, the cooperation allows financial institutions to remotely enroll consumers across various countries, particularly during the current COVID-19 pandemic.
Banks may also use the combined service to get exposed to digital currencies, overseas and decentralized finance (DeFi) technologies, according to Reid. Outside of regular banking, DeFi ventures provide cryptocurrency lending.
International banks’ use of blockchain has progressed significantly since a decade earlier, according to market players.
“Eighteen months ago banks won’t take a call from anybody from crypto: they were scared, they were worried about compliance,” Reid said.