Canada-based financial technology company Mogo has selected the Oracle Cloud Infrastructure in order to accelerate the development of its digital wealth platform. Following this announcement, Mogo is set to leverage Oracle’s cloud solutions in order to optimise the development of its products and lower the total infrastructure costs.

Mogo’s digital wealth platform includes the MogoTrade service, which was developed in order to provide Canadian clients with a simple and low-cost way to invest. In addition, the platform includes Moka, a solution that brings customers an automated, secure, fully managed, and flat-free way of investing. Mogo is also focused on overall operational efficiency and profitability.

By migrating to the Oracle Cloud Infrastructure, the company aims to modernise its infrastructure and reduce costs, as well as to have an improved set of equipment in order to build and deploy new products and services. This is set to optimise its overall platform, including the integration and usage of new artificial intelligence applications. Oracle’s recent strategy of development Oracle announced multiple partnerships and product releases in the last couple of months, covering several different geographic areas around the world.

In September 2023, the UK-based financial services company HSBC launched its virtual cards solution in a strategic deal with Oracle and Mastercard. Through this collaboration, clients and customers were enabled to complete supplier payments via virtual cards. The Oracle Fusion Cloud Enterprise Resource Planning (ERP) was set to connect with HSBC by using Mastercard’s global virtual card platform in order to streamline and automate the B2B payment procedure.

In addition, users of HSBC were given the possibility to use the service to manage cash flow, optimise fraud protection, as well as potentially generate financial rebates. Suppliers were enabled to benefit from faster payments, decreased collection risks, and streamlined accounts receivable. Earlier in the same month, Oracle announced its plan to expand its Oracle Banking Cloud Services in order to improve the manner in which banks and financial institutions launched comprehensive and secure transaction banking offerings and capabilities.

The company’s updated Oracle Banking Cloud Services portfolio facilitated banks to deploy transaction banking solutions that span cash management, virtual account management, and liquidity management in a fast and secure manner. Together with Oracle’s real-time payments processing, APIs, and hyperscale account operations, the new products were set to give banks the capability to optimise visibility, forecasting, and control liquidity in order to allow customers to use cash. At the same time, Oracle introduced new enhancements to its Oracle Banking Accounts Cloud Service, Banking Enterprise Limits, and Collateral Management Cloud Service.

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