Mizuho Bank in core banking tech overhaul with Oracle
Mizuho Bank, one of Japan’s largest banks, has partnered with Oracle to modernise its legacy banking system for international operations.
FinTech Futures first reported the news as an exclusive in June 2019.
The rollout, which began with the replacement of legacy banking systems at Mizuho’s New York offices, will take place over the coming years in Mizuho’s major overseas offices. Oracle’s banking solutions will be used to support “critical” functions for the bank, including direct deposit accounts and liquidity management.
Mizuho Bank says Oracle’s solutions include real-time processing support, a high level of straight-through processing (STP) for deposit operations and cash management services, and integrated postings between branches and subsidiaries for core banking operations.
“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,” says Takafumi Kawamura, general manager of IT and systems control department, Mizuho Bank.
“We knew Oracle could deliver the security, scalability, and resilience required. 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.”
In addition to using Oracle Flexcube and Oracle Banking Liquidity Management, Mizuho Bank also recently went live on Oracle Fusion Cloud Enterprise Resource Planning (ERP) to support financial processes in its New York accounting department.
Mizuho Bank says it plans on deploying the solution to its bank operations in Singapore as well as other global offices.