W1TTY Turns On Oracle To Provide Better Digital Banking Experience For Its Customers
Financial Innovator Uses Oracle Banking Suite on Oracle Cloud Infrastructure (OCI) to Deliver Smarter Financial Solutions to Customers in Europe
LONDON and AUSTIN, Texas, August 4, 2021 / PRNewswire / – W1TTY, a smart finance innovator slated to launch this fall, aims to give customers clear choice in how they manage their money with hyper-personalized products and services. Running on Oracle Cloud Infrastructure (OCI), W1TTY will use the Oracle Banking Suite to provide a simpler and more rewarding financial experience for customers. W1TTY is designed to appeal to all those who are not happy with the current offering from banks. The company initially targets Generation Z, students and other young people who are starting their first job and building their careers.
“Speed of service is essential for us,” said Ammar Kutait, founder and CEO of W1TTY. “The Oracle Banking suite with its microservices, API ready platform and short implementation time fits perfectly into our technology roadmap. In just 13 months, we launched a modern digital service with native apps and cloud-based architecture. This new platform integrated with multiple systems to deliver a complete stack of financial applications that will help W1TTY improve the mobile financial experience for our customers. “
W1TTY recently obtained an EMI (Electronic Money Institution) license in Lithuania and passport rights in the European Economic Area (EEA). It will begin to offer services in Lithuania and Poland later this year with more markets to follow.
Oracle Banking is a suite of financial services applications that enables banks to provide a comprehensive set of digital banking services to their customers. The suite includes the digital core and applications for retail and corporate banking, real-time payments and the digital experience. Built on a microservices architecture with over 3,000 open banking REST APIs, the suite allows innovators like W1TTY to easily “plug in” additional Oracle and third-party services when they need them. It also provides a scalable cloud-native environment for growth. For example, WITTY can use the suite to deliver new payment business models, such as loans, as they evolve with customer needs.
“Our annual survey of global retail banking consumers found that nearly 47% of consumers are willing to switch to another financial service provider for better rates, recommendations and plans,” said Sonny singh, Executive Vice President and General Manager, Oracle Financial Services. “W1TTY has a huge opportunity to capitalize on this unmet customer need and the Oracle Banking Suite will provide the right cloud native architecture to enable it. With Oracle, W1TTY will be able to scale rapidly to deliver meaningful, personalized services and process transactions intelligently and in real time. ”
W1TTY implements the Oracle Banking Payments, Oracle FLEXCUBE and Oracle Banking APIs from the Oracle Banking suite. Find out more about our Global Retail Banking Consumer Report here.
W1TTY was created to provide a whole new financial services experience that puts the customer in control of their accounts, instead of a “take it or leave it” approach to products and prices. The company, headquartered in London but operating internationally, successfully secured for an Electronic Money Institution [EMI] license in Lithuania, and now has full passport rights to operate in the European Economic Area (EEA). W1TTY also applied for a European consumer credit license and an EMI license in the UK.
W1TTY initially targets Generation Z – students and other young people who are starting their first jobs and building their careers. Globally, this represents nearly a third of the world’s population and will account for a quarter of all purchasing power by 2030. However, W1TTY is designed to appeal to anyone who is unhappy with what is currently on offer, frustrated by the hype that just doesn’t hold water, and is willing to try something really different.
About Oracle Financial Services
Oracle Financial Services provides solutions for retail banking, 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 optimize efficiency. Our data and analytics platforms help financial institutions better understand their customers, 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.
Oracle offers integrated application suites as well as secure, stand-alone infrastructure in Oracle Cloud. For more information on Oracle (NYSE: ORCL), please visit us at oracle.com.
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