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Oracle Financial Services Lending and Leasing Platform on Oracle Cloud Infrastructure

Mukul Kumar, Unmesh Pai, and Sunil Bemarkar

The Oracle Financial Services Lending and Leasing (OFSLL) suite, part of Oracle Financial Services, is now certified and available on Oracle Cloud Infrastructure. OFSLL offers an end-to-end solution to lending institutions for managing the complete asset finance and lending lifecycle, including origination, servicing, collections, and asset management.

OFSLL has three modules. The Origination module allows financial institutions to accept, process, and decide credit A graphic depicting the three modules of Oracle Financial Lending and Leasing: origination, servicing, and collections.applications in paperless mode with a single data entry process. The Servicing module enables management of all customer information in a centralized location to assure data integrity and to simplify the customer service and management processes. The Collection module supports specialized collection-related activities, including tracking all occurrences and related histories associated with bankruptcies, repossessions, foreclosures, and deficiency or bad debt management.

Oracle Cloud Infrastructure is Oracle's Gen 2 cloud platform. It’s designed to provide insurance companies with security through FIPS 140-2 Security Level 3 and HIPAA, rock-solid reliability with disaster recovery and high availability, and powerful capabilities for large and complex deployments. We provide all these features while beating industry performance and pricing standards with approximately 50% lower TCO versus on-premises and BYOL for all database services. Customers can now run their mission-critical, high-volume, and high-performance core banking solutions on Oracle Cloud.

OFSLL: A Comprehensive, Trusted Solution

OFSLL offers a highly secure, scalable solution that significantly reduces average cost per A graphic depicting a series of cogs marked, from left to right, regulatory compliance, customer experience, time-to-market, product, cost, and processes.loan or lease and creates a consolidated unified analytical view of information to deliver accurate, actionable information for product promotion and financing.

Its unified platform employs a rules-based approach to map concepts and internal practices to establish workflows that reflect global best practices. Also, browser-enabled, pre-built dashboards guide teams in risk and compliance management, quick credit scoring and decision making, and performance insights.

OFSLL has built-in data privacy protection features and is compliant with the following regulatory requirements:

  • Consumer Credit Data Reporting: Metro II

  • Personal Data & Privacy Protection Regulation in EU: GDPR

  • Service Organization Control Reporting: SOC2

  • Tax reporting: 1098, 1099-A and 1099-C

  • Home Mortgage Disclosure Act (HMDA) reporting

  • CFPB consumer protection guidelines

OFSLL Deployment on Oracle Cloud Infrastructure

While you can customize OFSLL and Oracle banking solutions based on your needs, a typical OFSLL deployment consists of a centralized database layer with redundancy across regions for disaster recovery and fault domain distribution for high availability.

A diagram depicting a typical OFSLL deployment.

An Active OFSLL Customer Deployment Example

Oracle recently partnered with a leading telecom provider to migrate their entire OFSLL solution stack to Oracle Cloud Infrastructure. This has enabled them to have a rapid implementation of the solution, including the deployment of additional constructs for new products, offers, and promotions.

The telecom provider will be able to autoscale and accelerate new solution deployment timelines with on-demand infrastructure deployment. For example, the provider has been able employ enhanced lending capabilities to offer payment extensions to customers struggling because of the pandemic. OFSLL acts as the system of record for device management and lending.

A High-Performance Application on a Superior Cloud Infrastructure

OFSLL offers a high-performance distributed subsystem that employs concurrency techniques, multi-threaded architecture, automatic failover, automatic scaling, and real-time configuration for efficient batch processing of loan and lease contracts. OFSLL can process all pending threads or jobs in a single batch and was benchmarked to process 200 million contracts within two hours.

Oracle Cloud Infrastructure was built ground-up and has an integrated roadmap with OFSLL, ensuring that you can use cloud native capabilities, such as identity, security, and data and AI tools, that are offered free or at a significant discount to competitors. Our unified support model ensures engineering alignment for quick diagnosis and resolution of all hardware, application, and network issues, mitigating risk of any business interruptions. Colocating Oracle applications ensures reduced latency and mitigates data replication and reconciliation challenges with multi-cloud or hybrid cloud environment. Lastly, Oracle Cloud's global footprint further ensures that customers can meet the required regulatory compliance challenges.

Your Path to Cloud Flexibility, Security, and Economics

Oracle Cloud offers an opportunity to streamline operations, improve performance, and reduce costs. The ease of consumption, immediate improvement in earnings before interest, taxes, depreciation, and amortization (EBITDA), high scalability and security, ability to meet stringent regulatory requirements, and single vendor setup for applications and infrastructure helps customers focus on their business, not IT.

Try Oracle Cloud Infrastructure today. You can select either Oracle Cloud’s Always Free services or a 30-day free trial, which includes US$300 in credit to get you started with a broader range of services. Existing Oracle OFSLL customers should discuss their infrastructure plans and roadmap with their Oracle representative to learn about their options for cloud migration.

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