Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleRed Hat
CEO ReviewCompany Review

The Silicon Review Asia

Oracle opts Bank of America for Cloud based ERP and Financial Applications

Oracle opts Bank of America for Cloud based ERP and Financial Applications

Bank of America has selected Oracle's cloud-based ERP and financial applications for both its international general ledger and its broker-dealer systems. The tech giant announced the news today. As the world leader in Cloud ERP systems, Oracle has more than 5,000 Fusion Financial cloud applications customers installed worldwide.

Bank of America is one of the world's leading financial institutions, and America’s 2nd largest bank. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships. “Bank of America is among the most sophisticated applications customers in the world,” said Mark Hurd, CEO of Oracle. He added, “Companies in record numbers are migrating legacy ERP applications to Oracle ERP Cloud.  Oracle will deliver Bank of America the most modern, complete, global ERP applications in the world.”

According to reports, the Oracle software will run on Bank of America’s premises, but will use Oracle’s people and hardware, and the same underlying technology as Oracle’s cloud-based ERP.

Cathy Bessant, Chief Operations and Technology Officer for Bank of America, stated “Our continued focus on technology modernization has positioned Bank of America as a contemporary technology company.” she further continued “Our agreement with Oracle is about our technology and culture; we’ll learn with and from each other to deliver the best solutions.  We anticipate 80 percent of our technology workloads will be delivered on the cloud within the next few years, and this solution for general ledger reflects our evolving strategy and the improvements in cloud security and economics.”


Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...