Tallahassee Journal

Data Integration Emerges As Anti-Dote To Financial Crimes- Oracle Financial Services Analytical Applications Lend Robust Help

Data Integration Emerges As Anti-Dote To Financial Crimes- Oracle Financial Services Analytical Applications Lend Robust Help

With financial crimes mostly revolving round economic data, an advanced data integration and analytics are of utmost need. OFSAA (Oracle Financial Services Analytical Applications) extend robust help here with a fully integrated and most comprehensive data integration toolkit.

London, United Kingdom, December 29, 2016: Financial crimes are on a rise of late with more than 1 in 3 American organizations reporting to have experienced such menacing issues in the past 24 months. It’s the economic data that the financial criminals are after and banks and similar financial organizations dealing with volumes of customers’ economic data are actively taking to cloud and updating themselves to all the latest compliance standards. But then merely sticking to such regulations isn’t enough to systematically thwart the financial crimes. The Financial Services require sophisticated data integration and analysis by a professional financial crime solution provider to keep their data safe.

Speaking further, not all such financial crime solution providers today could render the desired advanced data integration and analysis help. The data capability of the integrator is a major point of differentiation between regular run-of-the-mill and the best solution providers. Any provider can load data in staging arena & nudge it to financial crime application layer to generate alerts yet the implementation always involves lengthy tuning – consequently resulting to heightened implementation cost and extended delivery timelines. Again consistency of alert does not only depend on logics behind rules but also on completeness of dataset and integrity of its very attributes backing the algorithm and scoring. In the absence of a solid dataset, the compliance teams would end up dealing with a bunch of unwanted false positive & negatives, in need of continuous tuning exercises. As per the experts, financial crime solution providers can only be adept if they can come up with a holistic range of tools that will help to migrate & enhance data to prevent crime and aid in detection.

If one gets the data right in the initial stage, before it’s sent to ETL & staging area, the tuning headache can be avoided or minimized by a great extent. But then, not all regular financial crime solution providers you have around speaks of the required upscale data management capacity or tools. Oracle scores up here with its powerful comprehensive toolkit which could be plugged into ETL layer or linked to any internal or external data sources to ingest the data & make it smarter and more accurate -prior to sending it through financial crime application layer as well as detection flow & case manager.

“If you can have your data normalized & cleansed beforehand, the false positives could be reduced and so the cost of compliance. Oracle helps you here with its holistic toolkit. Our EDQ (Enterprise Data Quality), ODI (Oracle Data Integrator) & DIH (Data Integration Hub) are some of the most notable components that can be added to our financial services analytical applications- which are designed to help organizations in eliminating data inconsistency successfully that will eventually enhance the overall quality of the investigation workflow. Oracle DIH is equipped to streamline the data acquisition process from a wide number of source systems into OFSAA (Oracle Financial Services Analytical Applications) by maintaining source to the OFSAA. With DIH backup for your data, you would be completely insulated from the changes which occur in OFSAA data model later over time. It definitely implies handy savings of significant resources for your organization”, stated a leading spokesperson from Oracle.

Additionally, DIH helps in logical mapping to OFSAA Data Foundation & application models to land data conveniently into OFSAA. It assures simple but robust tools for easy data integration which can help in- transformations, lookups, standardization defaults etc.

The software developer giant holds the leading position in the Data Integration scene, backed by fully integrated and most comprehensive data integration solution, including- Oracle Data Integrator Enterprise Edition, Oracle Enterprise Data Quality, Oracle GoldenGate, Oracle Big Data Preparation Cloud Service & Oracle Enterprise Metadata Management. Oracle’s powerful Data Management offering caters to elite financial services around the world and help them to induce efficiency across business & IT processes.

It’s noteworthy that data quality problems are common with database & applications. Unfortunately, these problems differ from each other and hence demand diverse range of solutions. The Oracle spokesperson stressed on the purpose-built capabilities of their Enterprise Data Quality solutions that are specifically designed to duly address such diverse problems.

A breeze to use, Oracle Enterprise Data Quality products assure super-fast deployment. They have earned rave reviews of late for their superior ability to improve data quality to all the stakeholders in any of the data management endeavors.

“Our Enterprise Data Quality offerings cover- profiling, audit & dashboards; match & merge; parsing & standardization; address verification; case management and product data capabilities.”

The OFSAA’s Financial Crime Solution Blueprint has all the desired modules and components to help clients in extending most unified and optimal infrastructure and software layers- and that too in extremely organized & integrated manner. The users will benefit from a full interconnected portal & application layer, paired with common data model- which together supports all the applications & wide scale of some real innovative tools that will duly optimize the everyday task of any Compliance Officer.

For more information on Oracle’s Financial crime solution products, visit http://www.oracle.com/us/products/applications/financial-services/analytical-applications/index.html

To read the full article about ‘The Power of Data in Financial Crime’, please visit LinkedIn

Media Contact
Company Name: Oracle Financial Software Services
Contact Person: Julien Mansourian [Senior Director of Professional Services]
Email: [email protected]
Phone: +44 207 531 0991
Address:40 Bank Street London E14 5NR
City: London
State: London
Country: United Kingdom
Website: http://www.linkedin.com/pulse/power-data-financial-crime-julien-mansourian

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