Transforming the Payment Industry with Oracle Blockchain

February 13, 2019 | 2 minute read
Mary Hall
Director, Oracle Blockchain Product Marketing
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One of the fastest-growing areas of Blockchain use is within the finance industry for accelerating payments and transactions. is using Oracle Blockchain Platform to help the company transform the rapidly evolving payments industry.  By integrating Oracle Blockchain Platform into its core payment platform for banks and financial institutions, provides a secure payment system that removes the need for intermediaries, such as correspondent banks and clearing houses.  This helps facilitate faster, more cost effective and secure payments, and as a result, can improve the overall customer experience.

Accelerating Payments and Reducing Fees with Oracle Blockchain

 "Despite the considerable disruption of the financial services industry, cross-border payments are still very slow, the associated fees are expensive, and there is an inherent lack of trust, especially around peer-to-peer payments," notes Pavlo Sidelov, Chief Technical Officer, " We are removing these pain points by providing a platform that drives highly secure, affordable, and fast transactions.  Oracle's enterprise-grade blockchain cloud platform is critical to helping us achieve these goals."

The Benefits of the Oracle Blockchain Platform for Cross-Border Payments

Using Oracle's reliable and high performing distributed ledger technology, provides its customers with trusted real-time verification of transactions.  Replacing intermediary financial institutions with the new system means that transactions only need to be confirmed through the blockchain, which has the potential to reduce the time needed for cross-border transactions from days or even weeks to a matter of seconds.  It also removes the associated transaction fees, benefiting both end users and merchants, as they gain an alternative way to accept payments without the heavy fees charged by banks and payment processing companies on transactions and charge backs.  This allows them to provide better value and improve the experience for their customers.

Enhanced Security for Payments Delivered by Blockchain Technology

Blockchain technology can reduce the security issues in mobile payments and online purchases. The inherent trust factor related with blockchain is most important when dealing with peer-to-peer payments. With blockchain technology, the digitally signed transaction requests, results verification via smart contracts and multi-party consensus helps to protect the users' digital transactions.

Mary Hall

Director, Oracle Blockchain Product Marketing

Mary Hall is Director of Oracle Blockchain Product Marketing. In this role, Mary works to develop sales tools, marketing materials, case studies, web pages, videos, sales enablement training, events, blogs, social media, infographics and other marketing essentials.

Prior to joining Oracle, Mary worked at IBM for over 13 years, most recently working on Blockchain. In addition to her work with IBM, Mary has worked at consulting firms and Internet start-ups. This year, Mary was voted one of the “Top 100 Women in Blockchain” by Richtopia. She has also been voted one of the Top 100 Influencers in the area of Identity by One World Identity.  Mary has won many awards for marketing hardware & software products, as well as social media and digital marketing. A passionate creator of content on a wide variety of topics, Mary’s writing has been featured in The Huffington Post, The New York Times and on CNN Headline News. 

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