Mizuho Bank has announced an upgrade to its legacy system through a partnership with Oracle.
The multi-year deal will see Oracle supplying Japanese Mizuho with banking solutions to modernise functions like direct deposit accounts and liquidity management so that it is more suited for international business.
The bank already has a fleet of offices in New York, which is also where the rollout of Mizuho’s transformation of its legacy banking system began.
Takafumi Kawamura, General Manager of IT & Systems Control Department at Mizuho Bank, 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.”
Sonny Singh, Executive Vice President and General Manager of Oracle, added that Mizuho has always been adept at “leveraging its global reach”, which has made them a suitable partner that can quickly adapt.
“We have long been recognised for our ability to help the world’s largest banks standardise on a modern set of technologies to significantly improve how business gets done across multiple geographies,” Singh continued.
“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.”