Mizuho Bank Modernizes Core Banking Operations with Oracle
After a successful implementation in New York, the Japanese banking giant continues its phased roll-out of Oracle's banking solutions
TOKYO and AUSTIN, Texas, Feb. 2, 2023 /PRNewswire/ -- Mizuho Bank, Ltd., the integrated retail and corporate banking unit of Mizuho Financial Group and one of Japan's largest financial services institutions, is modernizing its legacy banking system for international operations with Oracle. Over the coming years, Mizuho will implement Oracle's banking solutions to support critical functions, including direct deposit accounts and liquidity management, at its operations in major overseas offices. The roll-out began with the successful replacement of Mizuho's legacy banking system at its New York offices.
"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," said Takafumi Kawamura, General Manager of IT & Systems Control Department No2, 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 capitalize on new opportunities now and into the future."
Oracle's solutions are allowing Mizuho to enjoy the benefits of real-time processing support, a high level of STP for deposit operations and cash management services, and integrated postings between branches and subsidiaries for core banking operations.
"Mizuho prides itself on building lasting customer relationships by leveraging its global reach to act faster, see further, and adapt better in every decision, every day," said Sonny Singh, executive vice president and general manager of Oracle Financial Services. "We have long been recognized for our ability to help the world's largest banks standardize on a modern set of technologies to significantly improve how business gets done across multiple geographies. With Oracle, Mizuho can deliver on its customer-centric mission by gaining agility, flexibility, and speed across the systems that matter most. With this Oracle foundation, the bank will be able to continue to evolve its products and services to best meet the needs of both its customers and stakeholders around the globe."
In addition to its use of 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 NY accounting department. The bank will expand the deployment to include the bank's operations in Singapore and additional global business centers.
Learn more about Oracle Financial Services at: www.oracle.com/financial-services
Oracle Financial Services
Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next generation financial services. We enable customer-centric transformation, support collaborative innovation and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations. To learn more visit our website at https://www.oracle.com /financial-services.
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