Bank of America has selected Oracle‘s cloud-based ERP and financial applications for both its international general ledger and its broker-dealer systems. As the world leader in Cloud ERP systems, Oracle has more than 5,000 Fusion Financial cloud applications customers installed worldwide.
In a press release announcing the selection, Oracle CEO Mark Hurd said, “Bank of America is among the most sophisticated applications customers in the world. Companies in record numbers are migrating legacy ERP applications to Oracle ERP Cloud.” Hurd promised Oracle will deliver the multinational banking and financial services corporation the most modern, complete, global ERP applications in the world.
Cathy Bessant, Chief Operations and Technology Officer for Bank of America, stated, “Our continued focus on technology modernization has positioned Bank of America as a contemporary technology company.
“Our agreement with Oracle is about our technology and culture; we’ll learn with and from each other to deliver the best solutions. We anticipate 80 percent of our technology workloads will be delivered on the cloud within the next few years, and this solution for general ledger reflects our evolving strategy and the improvements in cloud security and economics.”
According to a CNBC report, the Oracle software will run on Bank of America’s premises, but will use Oracle’s people and hardware, and the same underlying technology as Oracle’s cloud-based ERP.
Danita White for TechFunnel.com