Today, Oracle is announcing the continued expansion of its cloud interoperability partnership with Microsoft with a new cloud interconnect location in Amsterdam.
Oracle’s new location in the Netherlands means enterprises can build workloads that seamlessly interoperate between Microsoft Azure and Oracle cloud regions within the European Union data jurisdiction. This announcement builds on an existing partnership and introduction of interconnect in the US announced in June of 2019.
The Oracle-Microsoft interconnect locations are important for businesses wanting to put more of their data and workloads into the cloud and need to use cloud providers who are expert in their mission-critical data and applications. In addition to offering a high degree of choice and flexibility, Oracle and Microsoft provide integrated identity and access management so customers don’t have to manage multiple passwords when accessing their cloud resources and applications. The collaborative support model and global partner ecosystem add to the enterprise-class experience.
Mark Carleton, MESTEC Director, explained, “MESTEC’s leading smart factory solution is powered by high performance cloud infrastructure and database systems. We put Azure and Oracle Cloud to the test by implementing our application tier in Azure connected to Oracle Autonomous Database, running on Oracle Cloud Infrastructure, and the results have been extremely positive. We are projecting a 50% reduction in infrastructure and management cost and up to 500% increase in performance.
“By connecting Oracle and Azure, we’re able to rapidly introduce innovative technologies into our solution, ultimately resulting in a better, smarter solution for our customers enabling them to make dramatic improvements in manufacturing performance.”
“Our new interconnect in Amsterdam is good news for many businesses that rely on software from both companies. They can share applications and it will make it faster and easier for customers to run a combination of Oracle and Microsoft software. They can divide up workloads as needed across our enterprise-class cloud. We are continuing to provide highly reliable network connectivity and therefore first-class customer service and support that enterprises have come to expect,” said Andrew Sutherland, SVP EMEA Oracle Cloud.
It will be faster and easier for enterprises to move their on premise workloads to the cloud that best suits the specific needs of an application. For example, an enterprise customer may want to run a windows-based applications on Microsoft Azure connected to Oracle Autonomous Database or Exadata on Oracle Cloud Infrastructure. Or they may want related Microsoft-centric and Oracle-centric apps to communicate in the cloud in a low latency way. Accenture recently performed testing on the performance of the interconnect and confirmed that the solution offers customers low latency and high ease of use.
Microsoft and Oracle plan to make the direct interconnect available in additional regions, including on the US West Coast, in a US Government specific region, in Asia, and more in Europe.
GALA TECHNOLOGY SELECTS NUAPAY TO ENABLE OPEN BANKING PAYMENTS
Nuapay, powered by Sentenial, today announces it has been chosen by Gala Technology, a payment security solution specialist, to provide Open Banking payments to its partner network and direct merchants across multiple sectors including retail, hospitality, and financial services.
Gala Technology’s multi-award winning SOTpay ‘Pay-by-link’ solution simplifies PCI DSS requirements and protects merchants against the ever-growing risk of fraud by ensuring that the transactions are authenticated, shifting liability and often lowering acquiring processing costs. SOTpay’s integration with Nuapay’s Open Banking platform now enables them to process non-card payments.
Nuapay’s FCA-licenced Open Banking payments service enables Gala Technology’s partners and merchants to accept payments via any sales channel of choice, including telephone, web chat, SMS and social media. It can do this without requesting sensitive card data, which ensures SCA compliance and eliminates fraudulent chargebacks.
“The capabilities of Open Banking have become more apparent in 2020 as merchants have been forced to explore alternative contactless, mobile and ecom-friendly payment methods that can be accessed quickly and are lower in processing costs, due to a need to respond to change brought by Covid-19.” shares Nick Raper, Head of UK at Nuapay. “We’re thrilled to be working with Gala Technology, as we have a shared drive to eradicate payment fraud. This partnership will help to increase widespread adoption of live bank transfer payments as SOTPay gives us an exceptional opportunity to demonstrate Open Banking payments’ usability and benefits to new audiences.”
Nuapay is one of the only PISPs which offers a fully inclusive open banking payment initiation, webhook notification and payment account solution; which quickens checkouts, speed-up access to cash flow, reduces processing costs, and enables full reconciliation and batch settlements of transactions. Gala Technology’s customers now have access to new payment innovation and will be able to perform refunds or make instant payouts.
Steven Jones, Commercial Director at Gala Technology, said: “We chose to work with Nuapay as their complete Account-2-Account payments capabilities and high customer service levels are unparalleled. Looking forward, Nuapay’s presence within the UK and Europe will greatly help us reach new clients and will extend our service offerings to existing clients too. Nuapay’s Open Banking payments solutions help us to provide a better service; in turn, the time, money and resources our customers save will enable them to focus on growing their businesses in a more profitable way.”
Nuapay’s PISP processor has a single connection to all major banks in the UK and a growing number of connections across Europe, ensuring that Gala Technology’s clients’ payments will be supported, no matter where their customers bank.
THE EMBEDDED BENEFITS IN ESEF DIGITAL FINANCIAL REPORTING
The inclusion of a simple link delivers serious gains in transparency, trust and real time verifiability for the whole financial ecosystem. It’s another digital feather in the LEI’s hat, explains Stephan Wolf, CEO, Global LEI Foundation.
In a battle for significance, no other public facing business document can match the annual financial report. It is the document that a public corporation must, by law, publish to describe its operations and financial condition, and to chronicle its activities over the past twelve months. Shareholders, investors and the wider financial ecosystem make innumerable strategic and operational decisions based on its contents.
In today’s digital age, then, it is little surprise that the European Securities and Markets Authority (ESMA) has mandated that annual financial reports published from the start of 2020 follow a consistent digital configuration, known as the European Single Electronic Format (ESEF) and, in them, embed their Legal Entity Identifier (LEI).
On first glance, the ESEF format appears to be designed to drive financial report production into a convenient paperless form factor. While this is both true and highly commendable, an ocean of additional potential is revealed by ESMA’s insistence that corporations embed their LEI. This mandate will heighten transparency, enhance trust, and provide instant and non-repudiable verification that the organisation filing the report is, indeed, who they claim to be. These far-reaching benefits are all enabled by the report linking to the filing entity’s verified LEI reference data held within the Global LEI Index.
The simple process of embedding an organization’s LEI – or, indeed, that of its affiliates, subsidiaries and parent companies – within an ESEF financial report means that regulators, investors, traders and other financial stakeholders, can consolidate and verify information on the filing entity faster and more conveniently than ever before.
LEI reference data includes business card information on an entity, including name and registered address, together with relationship data which confirms if the entity owns, or is owned by, other entities. This increased transparency relative to an entity’s ownership structure means that relationship networks between LEIs can be quickly and automatically established, since the LEIs of the filing entity, its affiliates, subsidiaries and parent companies are all provided in the new machine-readable ESEF format. Usefully, because the reference data is reverified annually by GLEIF accredited LEI issuers, it is always accurate and up-to-date. The net result is a substantially more useful document for end users, which is also verifiably trustworthy, authentic and integral.
ESMA has published the Global LEI Foundation’s 2019 annual report on its website to provide a best practice example of a report published in the ESEF format, which other preparers can reference. The report is published in human and machine-readable Inline XBRL and HTML formats, with LEIs embedded within both the annual report and the digital certificates of the report’s signing executive officers. The combination of these two features provides something completely unprecedented: instantly available, digitally verifiable credentials that confirm both the authenticity of document and the key individuals responsible for its content.1
Beyond the single report, the LEI embedding process creates broader opportunities for the financial ecosystem. Aggregating information on companies from multiple sources is dramatically simplified, making the job of comparing standardized financial information both faster and easier. This can be accomplished either manually, by ‘clicking through’ to view the LEI reference data, or via an automated process, saving yet more time and eliminating the risk of human error. In time, this level of facility will lead to the automated creation of online databases that use the linked LEIs to collate key data assets, to the benefit of, frankly, any person or organization that has interest, globally.
The mandatory embedding of LEIs in financial reports is just one demonstration of this technology’s transformative potential. In broader terms, not only is the LEI shoring up the digital financial ecosystem, it is helping to stabilize the evolution of the world’s digital economy. It is no exaggeration to say that the LEI, together with the Global LEI System, solves the problem of trust for legal entities worldwide. It is the only open, commercially neutral, standardized and regulatory endorsed system capable of establishing digitized trust between all legal entitles, everywhere. It was conceived and designed as a public good, and can be deployed without charge in a wide – and growing – variety of digital use-cases. Put simply, the more it is utilized, the more good it will do.
THE OUTPERFORMER’S APPROACH TO FINANCIAL PROCESS AUTOMATION
By Michelle Trapani, Director of Product Marketing at Kofax Achieving more with less is the mantra of our times....
WHY BANKS NEED TO EMBRACE WELLBEING IN THE DIGITAL EXPERIENCE
Howard Pull, Head of Digital Transformation Strategy at MullenLowe Profero The impact of the COVID-19 crisis on the economy...
SAFEGUARD YOURSELF FROM FINANCIAL STRUGGLE AND UNCERTAINTY IN THE CASE OF DEMENTIA
Despite the rising incidence of dementia globally – The World Health Organization (WHO) estimates one new case every three seconds...
WHY TECHNOLOGY IS KEY TO THE FUTURE OF AUDITING
By Piers Wilson, Head of Product Management at Huntsman Security The Financial Reporting Council (FRC), which is responsible for corporate...
BOOM OR BUST: HOW THE FINANCIAL SERVICES SECTOR IS COPING
by Simon Black, CEO, Awaken Intelligence Covid-19 has had an impact across all industries and businesses are feeling the...
BACK TO SCHOOL – CEOS NEED TO LEARN A NEW LANGUAGE, FAST!
By Simon Axon, Financial Services Industry Consulting practice lead in EMEA, Teradata Chief Executive Officers of banks know all...
REVITALISING THE TOKEN MARKET
By Gavin Smith, CEO at Panxora With interest rates near zero and fears that whipsawing stock markets are set for...
A SLEEPING DIGITAL GIANT WAKES? 4 KEY TRENDS ACCELERATING PAYMENTS TRANSFORMATION IN THE US
Lauren Jones, International Payments Ambassador, Icon Solutions The US payments industry is undoubtedly ripe for change. Before the unprecedented...
CAN ACCOUNTING DEPARTMENTS WIN THE FIGHT AGAINST FRAUD?
Magali Michel, Director, Yooz Despite the implementation of increasingly sophisticated security systems, corporate fraud continues to gain ground: half...
REMOTE INVOICE CAPTURE: ADAPTING TO THE NEW WAY OF WORKING
Author: James Adie, Vice President EMEA Sales at Ephesoft When the government announced a country-wide lockdown on March 23,...
GALA TECHNOLOGY SELECTS NUAPAY TO ENABLE OPEN BANKING PAYMENTS
Nuapay, powered by Sentenial, today announces it has been chosen by Gala Technology, a payment security solution specialist, to provide Open...
THE ROLE OF OPEN SOURCE IN UNCERTAIN TIMES
Kris Sharma, Finance Sector Lead, Canonical Financial services are an important part of the economy and play a wider...
SIMPLIFYING THE RETIREMENT FUND DEATH CLAIMS PROCESS
By Dolana Conco, Regional Executive at Alexander Forbes Losing a loved one is one of the most difficult experiences...
THE EMBEDDED BENEFITS IN ESEF DIGITAL FINANCIAL REPORTING
The inclusion of a simple link delivers serious gains in transparency, trust and real time verifiability for the whole financial...
YAPILY AND OZONE API PARTNERSHIP MARKS TURNING POINT IN OPEN BANKING ADOPTION FOR BANKS
Open banking leader Yapily has today announced a strategic partnership with Ozone API, the leading API standards-based platform, to enable banks and...
PROGRESSIVE SCENARIO PLANNING FOR THE LIBOR TRANSITION
James Gannaway, Head of Financial Services, Board International The Financial Stability Board have announced that disruption to markets caused...
AS DIGITAL TRANSFORMATION ACCELERATES, ENTRUST DATACARD BECOMES “ENTRUST”
Entrust name and identity reflect the critical need for trust at the heart of the digital transformation – and the...
HOW TO TAME YOUR FINANCES TO REGAIN CONTROL OF YOUR MONEY
Credit, combined with bad spending habits, means many South Africans find themselves living from payday to payday, but you can...
HOW DATA VIRTUALISATION CAN HELP THE FS INDUSTRY REGAIN COMPLIANCE CONTROL
Charles Southwood, Regional VP – Northern Europe and MEA at Denodo In recent years, the financial services (FS) sector has witnessed a...
HOW TECHNOLOGY IS CHANGING ACCOUNTING
Mike Whitmire is Co-founder and CEO of FloQast, The fundamentals of accounting have been around for hundreds of years....