Oracle Banking Payments is supporting SWIFT's latest service to make global cross-border payments fast, easy, predictable, and frictionless for small and medium enterprises and consumer markets, according to a press release.

"Oracle has long collaborated with SWIFT, and we are proud to be part of the early stages of design and pilot of this new service," Sonny Singh, executive vice president and general manager, Oracle financial services said in the release. "We see great potential for banks that are competing against fintechs and alternate networks when it comes to cross-border payments. SWIFT's new service offers the possibility of borderless low-cost account-to-account currency transfers from the bank's own app or portal, and Oracle Banking Payments' readiness makes this transition easy and fast for SMEs."

As banks are managing their ISO 20022 migrations and implementing new services within the API program, Oracle has been investing in its solutions and supporting key industry initiatives. With Oracle Banking Payments' built-in integration with the new SWIFT service, banks can minimize disruption to customers' existing technology infrastructure, meet dynamic cross-border payment needs and lower the total cost of ownership.

Banks using Oracle Banking Payments will be better able to compete against global remittance providers and card networks for low-value transfers in key currency corridors. With the addition of SWIFT's new account-to-account service for consumers and SMEs, they will also be able to offer fast, easy and competitively priced cross-border payments from account-to-account.