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Mashreq and Oracle Collaborate to Develop the Future of Transaction Banking

Mashreq and Oracle Collaborate to Develop the Future of Transaction Banking
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W1TTY Taps Oracle to Provide a Better Digital Banking Experience to Customers

W1TTY Taps Oracle to Provide a Better Digital Banking Experience to Customers
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Mashreq to implement Oracle's Transaction Banking platform

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Mashreq to implement Oracle s Transaction Banking platform
5 hours ago
Source: Oracle
Mashreq Bank, one of the United Arab Emirates’ leading financial institutions, is modernizing its award-winning transaction banking capabilities in the Middle East and Africa with Oracle.
To deliver faster innovation to its growing customer base, Mashreq will implement Oracle s Transaction Banking platform with solutions for digital banking, payments, trade finance, liquidity management, and virtual accounts. With Oracle s componentized solution approach, Mashreq can better respond to the region s need for capital diversification and funding of local businesses. ....

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Clunky software with a confusing UI just cost Citibank $500 million

To overwrite the principal transaction, you must also overwrite the front and fund transactions as well. Huh?
on February 19, 2021, 14:09
16 comments
Facepalm: Citibank is learning a costly lesson in software design as a triple-checked mistake caused the bank to send out almost a billion dollars in loan payments instead of only $7.8 million. Citibank blamed the blunder on an Oracle banking program with a confusing user interface.
On Wednesday, a judge ruled that creditors do not have to return payments that Citibank made to them in error. The bank was attempting to make $7.8 million in interest payments on behalf of Revlon last August, but a subcontractor in India handling the transaction mistakenly issued $900 million instead. The ruling described the overly confusing process required when using the software in question called Flexcube part of the Oracle Banking Suite. ....

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