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Finance Innovator uses the Oracle Banking Suite on Oracle Cloud Infrastructure (OCI) to offer smarter financial solutions to customers in Europe
LONDON and Austin, Texas, 4th August 2021 / PRNewswire / – W1TTY, an innovative smart finance innovator launching this fall, aims to provide customers with a clear choice in managing their money with hyper-personalized products and services. W1TTY runs on Oracle Cloud Infrastructure (OCI) and uses Oracle Banking Suite to provide customers with a simpler, more rewarding financial experience. W1TTY is aimed at everyone who is dissatisfied with what the banks have to offer. The company is initially aimed at Generation Z, students and other young people who are starting their first job and building their careers.
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“The speed of the service is of paramount importance to us,” said Ammar Kutait, Founder and CEO of W1TTY. “With its microservices, API-enabled platform and short implementation time, the Oracle Banking Suite fits perfectly into our technology roadmap. In just 13 months we brought a modern digital service with native apps and a cloud-based architecture to the market. This new platform will be integrated with multiple systems to offer a full stack of financial applications that will help W1TTY improve the mobile financial experience for our customers. “
W1TTY recently got an Electronic Money Institution (EMI) license in Lithuania and passport rights throughout the European Economic Area (EEA). It will start offering services in Lithuania and Poland later this year, more markets are to follow.
Oracle Banking is a suite of financial services applications that enables banks to offer their customers a complete set of digital banking services. The suite includes the digital core and applications for private and corporate customers, real-time payments and digital experiences. The suite is based on a microservices architecture with over 3000 open banking REST APIs and makes it easy for innovators like W1TTY to “integrate” additional Oracle and third-party services when they need them. It also provides a scalable, cloud-native environment for growth. With the suite, for example, WITTY can offer new payment business models, such as lending, which develop with customer needs.
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“Our annual retail consumer survey found that nearly 47% of consumers are willing to move to another financial service provider for better rates, recommendations and plans,” said Sonny Singh, Executive Vice President and General Manager, Oracle Financial Services. “W1TTY has a great opportunity to capitalize on this unmet customer need, and the Oracle Banking Suite will provide the right cloud-native architecture for that. With Oracle, W1TTY can scale quickly to offer meaningful, personalized services and process transactions intelligently and in real time. ”
W1TTY implements Oracle Banking Payments, Oracle FLEXCUBE and Oracle Banking APIs from the Oracle Banking Suite. Find out more about our Global Retail Banking Consumer Report here.
About W1TTY
W1TTY was designed to deliver a whole new financial services experience that puts customers in control of their accounts, rather than a “take it or leave it” approach to products and prices. The company based in London but active internationally, successfully secured for an e-money institute [EMI] License in Lithuania, and now has full passport rights to operate throughout the European Economic Area (EEA). W1TTY has also applied for an EU consumer credit license and an EMI license in the UK.
W1TTY is initially aimed at Generation Z – students and other young people who are starting their first jobs and building their careers. Globally, this is almost a third of the world’s population and will make up a quarter of total purchasing power by 2030. However, W1TTY is intended to appeal to anyone who is dissatisfied with the offerings currently on offer, frustrated with the hype that is not working. and is ready to try something really different.
About Oracle Financial Services
Oracle Financial Services offers solutions for private customers, corporate customers, payments, asset management, life insurance, annuity insurance and health care payers. With our comprehensive range of integrated digital and data platforms, banks and insurers are able to provide next-generation financial services. We enable customer-oriented transformation, support collaborative innovation and increase efficiency. Our data and analytics platforms help financial institutions gain customer insights, integrate risk and finance, fight financial crime, and comply with regulations. To learn more, visit our website at https://www.oracle.com/industries/financial-services.
About Oracle
Oracle offers integrated application suites as well as a secure, autonomous infrastructure in the Oracle Cloud. For more information on Oracle (NYSE: ORCL), please visit oracle.com.
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SOURCE Oracle
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