Mercury is using Oracle Banking Payments, running on Oracle Cloud Infrastructure (OCI) to help democratise digital payments in the UAE. With Oracle Banking Payments, Mercury was able to capitalize on changes in the digital payments landscape in the post-pandemic era to create their unique offering in the market. Today, its Payments-as-a-Service offering facilitates and simplifies payments by connecting customers, banks, exchange houses, government bodies, and enterprises. The offering was created to support the Instant Payment Platform for the UAE Central Bank National Payment Systems Strategy (NPSS).
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“Mercury Payments Services was formed with a mission to democratize financial services. Our vision and strategy are to make payments completely safe, secure, and smart for all our stakeholders using the most advanced technologies,” says Nihad Nazir, chief digital and technology officer Mercury Payments. “We sought to provide payment services to the UAE’s traditionally disenfranchised, unbanked populace. Now, we are expanding our solutions with a sophisticated Platform-as-a-service offering for banks and exchange houses that makes the most of Oracle’s banking expertise and Oracle’s cloud innovations in region, including their recent data center launch in Abu Dhabi.”
In addition to using a number of solutions in the Oracle Banking Payment Hub and OCI, Mercury also recently went live with Oracle Fusion Cloud Enterprise Resource Planning (ERP) in just 15 days. As Mercury evolves, it plans to continue its cloud-first application strategy.
“We are constantly adopting new technologies to fuel our unique business models that focus on maximizing digital transformation,” noted Gururaj Balakrishna, Mercury Payments, Chief Risk Officer. “Our partnership with Oracle on Payments-as-a-Service, as part of the critical NPSS initiative, helps us achieve our objectives of offering customer centric digital solutions.”
“The pandemic became a forcing function to push people away from cash towards more digital, contactless payments both for safety and convenience – and consumers and businesses are never going back,” said Mr. Sonny Singh, senior vice president and general manager of Oracle Financial Services. “Leveraging our proven payment solutions, together with the scalability, security, and performance of OCI, Mercury was able to quickly execute its vision of bringing digital payments to institutions and people across the UAE.”
Oracle Banking financial services applications enable banks to offer a complete set of digital banking services to customers. The portfolio includes the digital core and applications for retail and corporate banking, real-time payments, and digital experience. Built on a microservices architecture with 3,000-plus open banking APIs, Oracle Banking makes it easy for fintechs like Mercury Payments to “plug in” additional Oracle and third-party services when they need them. It also provides a scalable, cloud environment for growth through Oracle Cloud Infrastructure.
About Mercury Payments
Mercury Payments is the UAE’s domestic payment network. Our vision is to offer innovative and locally relevant payment solutions. Headquartered in the United Arab Emirates, we enable member institutions to issue payment instruments under the Mercury brand which are accepted internationally. Mercury connects consumers, banks, exchange houses, the government and businesses to facilitate payments in the region. To learn more, visit our website at www.mercury-pay.com
About Oracle Financial Services
Oracle Financial Services provides retail banking solutions, 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/industries/financial-services