In recent years, financial institutions have taken big steps in the adoption of cloud-based solutions with the aim of leveraging the benefits shared IT resources and ecosystems deliver across the enterprise.
Oracle Open World 2019 set the scene for the launch of Strands Software-as-a-Service platform as we look to deliver the first global enterprise grade digital money management solution on the cloud. Strands is a pioneer when it comes to creating highly-customizable digital money management software for top-tier financial institutions worldwide.
Cesar Richardson, Head of Alliances and speaker at OOW19, indicated:
“Strands and Oracle’s partnership could not come at a more timely moment in the evolution of cloud banking in the Financial Services industry."
Cesar explains that banks are very interested in leveraging our technology however demonstrable security, performance, handling PII data and compliance remain key in all our conversations.
Oracle’s Gen 2 Cloud provides the foundation for enterprise cloud-based banking platform needs demanded by our large banking clients who require to monitor, control, and encrypt sensitive data leveraging, bank private data isolation for mission-critical banking applications such as Strands Finance Suite. We chose Oracle’s Gen 2 cloud as it is designed to meet cloud security principles such as protecting data in transit, asset protection and resilience, separation of client data, operational, personnel security, identity, and authentication requirements, which are table-stakes for taking banking computing to the cloud. We can now confidently meet bank infosec and regulatory scrutiny allowing us to grow our business at scale and provide immediate value to financial institutions and their customers at the best price point in the industry.
There is no doubt that banks will be very impressed when they explore how our joint product offering not only reduces the total cost of ownership, but also delivers innovative deployment options (private cloud, public and hybrid) that adapt to implementations with different regulators worldwide."
Understanding the current needs of banks and financial institutions when it comes to their digital transformation, Strands has found a partner in Oracle and their Gen 2 Cloud solution to power and deliver their enterprise-grade Finance Suite as-a-Service.
This new partnership supports all of Strands’ money management and insights solutions offering a blend of private, public and hybrid cloud configurations based on the requirements of every financial institution and local regulator.
Key benefits of Strands and Oracle's partnership
Some of the key benefits of our product partnership include:
1. Exceptional Performance
Processing over 150K real-time transactions per minute and instances with over 10 Million users requires a cloud that is optimally tuned to run large and complex production systems.
2. Enterprise Grade Security
Monitored and controlled access to Autonomous DB protecting from cyber attacks and unauthorized internal control.
3. Remove human error and prevent hacks
Autonomous DB reduces the considerable risk human errors can generate including errors in configurations, patching database and carrying out administrative tasks that don't add value but expose the enterprise to potential threats.
4. Smooth Transition
Migration of our Enterprise grade solution to the Oracle Cloud was seamless thanks to the flexibility in supporting all applications—old and new alike.
5. Superior Price to Performance Ratios
Price relative to Performance is unrivaled with Oracle Cloud when running data-intensive applications.
Strands’ goal is to help banks build new business models which will allow them to compete in an evolving industry and find opportunities to monetize their rich source of transactional data.
This will be achieved by delivering personalized AI banking services using the Oracle Autonomous Cloud. Strands is leveraging multiple components of Oracle’s Gen 2 Cloud including Oracle Kubernetes Engine, OCI Streaming, Oracle API Platform and Autonomous DB.
Looking to the future, the value of data will continue to increase.
As such, Strands’ mission is to use Machine Learning and Artificial Intelligence to help banks and financial institutions extract and categorize transactional data to produce rich insights about their customers.
By doing so, banks can then take steps to speed up internal processes and help reap the benefits of a more engaged relationship with their customers.