Oracle has been engaged by Mizuho Bank, the retail and corporate banking arm of Japan-based Mizuho Financial Group, to modernise its legacy banking system for international operations.

As part of the collaboration, Mizuho Bank will deploy Oracle’s banking solutions to support highly important functions over the coming years at its operations in major offices outside Japan.

The critical functions of the bank include direct deposit accounts and liquidity management.

Oracle said that the modernisation programme has been launched with the replacement of the Japanese bank’s core banking system at its offices in New York.

Mizuho Bank IT and systems control department no2 general manager Takafumi Kawamura said: “When considering replacing our legacy banking system, we sought a partner with proven solutions and expertise in our market, to help us deliver greater value, faster.

“We knew Oracle could deliver the security, scalability, and resilience required. Its functionally rich offering will enable us to quickly adapt to changes in the market and capitalise on new opportunities now and into the future.”

The solutions provided by Oracle are said to be enabling Mizuho Bank to benefit from real-time processing support.

Besides, the solutions will help the bank to get the benefit of high level of straight-through processing (STP) for deposit operations and cash management services, integrated postings between subsidiaries and branches for core banking operations.

Oracle said that Mizuho Bank has recently begun using Fusion Cloud Enterprise Resource Planning (ERP) in addition to using FLEXCUBE and Banking Liquidity Management. The solutions are said to support the financial processes of the bank’s accounting department in New York.

Mizuho Bank is expected to expand the implementation of the solutions to cover its operations in Singapore as well as other international business centres.

Oracle Financial Services executive vice president and general manager Sonny Singh said: “With Oracle, Mizuho can deliver on its customer-centric mission by gaining agility, flexibility, and speed across the systems that matter most.

“With this Oracle foundation, the bank will be able to continue to evolve its products and services to best meet the needs of both its customers and stakeholders around the globe.”