Oracle for Financial Services

Oracle for Financial Services, sometimes shortened to just Oracle Financials, is a cloud solution that builds digital ecosystems so financial institutions can get in-depth insights and make better decisions. Oracle for Financial Services provides comprehensive coverage for retail banking, corporate banking, and insurance companies. This is through their capabilities that include risk and finance, financial crime and compliance, digital banking, universal banking, revenue management and billing.

Video Overview

Features of Oracle for Financial Services

• Data Management
• Balance Sheet Management
• Profitability Management
• Enterprise Risk Management
• Accounting and Regulatory
• Life and Annuity Insurance
• Healthcare Payers
• Property and Casualty Insurance
• IFRS 17 and LDTI
• Bancassurance
• Corporate Banking
• Payments
• Universal Banking
• Retail Banking
• Specialty Lending
• Investor Servicing

Accounting Hub

• Enterprise-wide accounting platform: Establish a strong foundation for financial processes, corporate accounting, and financial reporting with this enterprise accounting and finance platform.
• Harmonized accounting data: Create consistent, standardized accounting for disparate ERP systems using an enterprise-wide chart of accounts.
• Trusted financial information: Create a single source of financial truth that your corporate accounting and FP&A teams can rely on.
• Adaptable centralized accounting: Quickly adapt centralized accounting rules as company policies evolve and new accounting standards take effect.
• Rich financial business partnering: Provide deep insight into operational results by analyzing financial information from many sources, including ledgers, subledgers, and supporting references.
• Powerful accounting engine: Handle high transaction volumes with a powerful and centralized accounting engine that delivers unmatched processing speed.

Reporting and Analytics

• Valuable decision support: Speed up your decision-making process with graphical insights, configurable analytics dashboards, and event-based delivery of information so users can take targeted actions.
• Current and fast reports: Get timely answers with fast reports that are generated from pre-aggregated financial data. Quickly find information at a glance with easy-to-use dashboards, and drill down for more detailed information.
• Real-time close status: Quickly assess the status of period close tasks, including ledgers and subledgers, subledger reconciliations, journal entries, and more, using real-time dashboards.
• Interactive analysis of information: Gain new insights into profitability and costs by analyzing general ledger account balances across multiple dimensions. Use sunburst charts and other interactive tools to analyze financial information.
• Comprehensive financial reports hub: Own your reporting with self-service, mobile access to multiple financial report types and using multiple devices.
• Rapid task and exceptions resolution: Identify and resolve exceptions quickly with role-based dashboards and alerts for actions you need to take.

Payables and Assets

• Automated invoice processing: Import and record supplier invoices quickly with optical character recognition and imaging. Use the invoices workbench to quickly resolve issues with invoices that can’t be recorded automatically.
• Payables shared service centers: Process invoices and payments for multiple business units based on transaction and business unit security rules permissions.
• Intelligent supplier payments: Slash cash outflows with intelligent payment discount recommendations. Identify cash needs by scheduling the cash requirements report. Minimize data entry with payment processing templates.
• Global transaction taxes: Stay current with tax rules across tax jurisdictions. Automatically calculate invoice taxes for multiple tax types including recoverable and nonrecoverable, inclusive and exclusive, and withholding.
• Comprehensive cash management: Safeguard your cash by centralizing bank accounts management. Control access by business unit, function, and user. Electronically process bank statements and manage external cash transactions.
• Daily cash reconciliations: Support accurate cash positions by automatically reconciling cash transactions to bank statements. Quickly resolve exceptions using the Review Exception page, and manually reconcile transactions using multiple matching scenarios.
• Accurate cash positioning: Facilitate better cash forecasts by determining and viewing your daily cash position based on actual cash flows from bank statements, external transactions, and other sources.
• Timely cash forecasting: Make timely investing, borrowing, and other cash decisions with cash forecasts based on Payables, Receivables and Payroll subledgers, and external transactions.
• Comprehensive assets management: Manage the entire financial cycle of assets, including acquisition, capitalization, depreciation, and retirement. Gain visibility into your assets worldwide using unified source of assets data.
• IFRS 16 and ASC 842 lease lifecycle: Facilitate compliance with IFRS 16 and ASC 842 accounting rules through the entire lifecycle of leased assets, including payments.

Revenue Management

• Automate customer contract creation: Combine various sales cycle source-system data into a single accounting contract based on configurable rules.
• Automate performance obligation creation: Create distinct, explicit and implied, performance obligations based on configurable rules and templates.
• Determine transaction prices: Calculate the customer contract transaction price automatically using the sum of performance obligation values in an accounting contract.
• Allocate the transaction price: Allocate the customer contract transaction price across performance obligations on a relative observed or estimated standalone selling price basis.
• Timely revenue recognition: Recognize revenue for performance obligations at a point in time or over time in accordance with IFRS 15 or ASC 606.

Receivables

• Dynamic customer requirements: Model your customers based on how you conduct business using the Trading Community Model. Share billing, shipping, and payment activities between customer accounts by establishing customer account relationships as needed.
• Informed credit decisions: Make informed credit decisions with customer credit profiles and reviews.
• Efficient billing: Quickly generate invoices and credit memos for subscription, product, and project sales. Use the billings work area to resolve transactions that are in various stages of the billing process.
• Self-service customer activities: Reduce billing costs with self-service bill management so your customers can review their accounts, make payments, dispute transactions online, or print them out.
• Streamlined customer payments: Tame customer payments complexity by applying cash using various options. Use intelligent recommendations when automatic cash receipt applications can’t find matching invoices and debit memos.
• Rapid deduction resolution: Optimize profit with centralized deduction management to investigate chargebacks, minimize invalid deductions, recover short-pays, enhance internal controls and compliance.

Collections

• High-risk accounts management: Manage high-risk accounts by scoring customers on their ability to pay. Speed up the collection process by automatically sending payment request letters to customers and assigning follow-up calls to collection agents.
• Effective collection strategies: Ensure customers pay quickly by applying collection strategies based on each customer’s collection risk score. Tailor the strategies using automated and manual tasks.
• Late payments management: Improve cash flow with promise-to-pay for delinquent customers. Track whether customers pay by the committed date, manage disputes, and resolve delinquent accounts.
• Assess receivables health: Assess receivables health using industry-standard metrics, including days sales outstanding, average days delinquent, weighted average, and promise metrics.
• High performing collections: Assess the effectiveness of your collections organization using KPIs from the collection manager dashboard.

Expense Management

• User-friendly digital assistant: Reduce manual work using the expenses digital assistant to enter information with voice commands, and by texting receipt images.
• Fast expenses matching: Prepopulate expenses from credit card transactions so users can quickly match transactions with receipts.
• Flexible mobile expenses entry: Enter expenses on the go using iPhone and Android devices.
• Tight project and travel integration: Improve business processes with integration to Oracle Financials and GetThere.
• Effective policy compliance: Enforce expense policies with automated compliance checks against policies, tailored approvals, and selective audits.

Joint Venture Management

• Automated processes: Reduce month-end close time from days to hours using touchless joint venture rules-based processing.
• Compliant agreements: Accurately calculate partner shares through date-effective ownership definitions and distribution rules.
• Streamlined audits: Minimize dispute resolution costs with transaction and joint venture definition audit trails.
• Concise joint venture definitions: Reduce time to accurately define and manage joint venture definitions in one central place.

Benefits

• Campaign production
• Gain real-time access to live financial data
• Proactively resolve issues to expedite automated processing -Improve decision-making and increase accuracy during transaction entry
• Control costs and increase visibility into spending
• Improve cash inflows and manage cash positions
• Reduce transaction processing costs and data entry errors
• Address global accounting standards and multiple legislative, industry and geographic requirements
• Meet industry-specific requirements for budgetary control, lease accounting and joint venture management