Finance innovator uses Oracle Banking suite on Oracle Cloud Infrastructure (OCI) to provide smarter finance solutions to customers in Europe
W1TTY, a smart finance innovator set to launch this fall, aims to offer customers a clear choice in how they manage their money with hyper-personalized products and services. Running on Oracle Cloud Infrastructure (OCI), W1TTY will use Oracle Banking suite to deliver an easier and more rewarding financial experience for customers. W1TTY is designed to appeal to everyone dissatisfied with what banks are currently offering. The company is initially targeting Generation Z, students, and other young people starting their first jobs and building their careers.
“Speed of service is critical to us,” said Ammar Kutait, W1TTY’s founder and CEO. “The Oracle Banking suite with its microservices, API-ready platform, and short implementation time, fit perfectly into our technology roadmap. In just 13 months, we launched a modern digital service with native apps and a cloud-based architecture. This new platform integrated with multiple systems to offer a full stack of finance applications that will help W1TTY enhance the mobile financial experience for our customers.”
W1TTY recently secured an Electronic Money Institution (EMI) license in Lithuania and passporting rights across the European Economic Area (EEA). It will start offering services in Lithuania and Poland later this year with other markets to follow.
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Oracle Banking is a suite of financial services applications that enable banks to offer a complete set of digital banking services to customers. The suite includes the digital core and applications for retail and corporate banking, real-time payments, and digital experience. Built on a microservices architecture with 3000-plus open banking REST APIs, the suite makes it easy for innovators like W1TTY to “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 offer new payment business models, such as lending, as it evolves with customer needs.
“Our annual global retail banking consumer survey found that almost 47% of consumers are ready to shift to another financial services 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 Oracle Banking suite will provide the right cloud-native architecture to enable it. With Oracle, W1TTY will be able to scale quickly to offer meaningful, personalized services, and process transactions intelligently and in real-time.”
