What Are the Advantages of Oracle EBS Financial Cloud Services?  

Reliablecounter Team

Oracle Financials Cloud Services is a suite of tools that integrates with other Oracle EBS products. It gives finance professionals access to data that empowers decisions to increase productivity and streamline processes. Best of all, you can use it to create comprehensive reporting across departments for a holistic view of your small or large business.

Like all Oracle EBS tools, Oracle Solutions Financial Services gives customers real-time access to data, which facilitates collaboration and keeps decisionmakers up to date.

 

Can Oracle Financial Cloud Services Integrate with Other Systems?

Because it’s built using open standards, Financials Cloud connects to legacy and third-party applications as well as other Oracle EBS modules. Its versatile internal control system flags critical alerts and messages to underscore changing conditions.

SoftArt Solutions can implement Oracle Financial Services Cloud to help you bring your organization’s finances into the cloud without compromising security or compliance. The module comes with enterprise-level support, comprehensive security and architecture designed to reduce your vulnerability to cybercrime.

Oracle can also provide OFAC screening of prospective employees to help you protect your data. Financial Services uses Oracle Break Glass for Fusion Cloud, which expands available procedures and enforces access approvals prior to obtaining access to customer information.

 

What Are Security and Data Privacy Advantages?

With Oracle Financial Services Cloud, Oracle partners benefit from superior security and dedicated resources. With Oracle Break Glass for Fusion Cloud Service, you can rest assured that access to customer data is restricted to maintenance, support and operational tasks. Access requests go through the appropriate approval workflow before access is granted. Access, once granted, is logged, audited and time-bound to improve security concerns.

The module lets you restrict data transfer thanks to:

  • Transparent Data Encryption over public networks
  • Customers can control the TDE master encryption and change settings in the self-service features
  • Database Vault feature that addresses regulatory requirements and minimizes internal threats.
  • Data Masking that intentionally obfuscates personal data in environments outside production

Does Financial Cloud Services Comply with ISO Standards?

The Oracle Financial Services Cloud conforms to ISO 27001-2013 security controls. Access to data depends on:

  • username/password
  • identity federation through a SAML 2.0 token
  • single sign-on

With single sign-on, customers can leverage existing LDAP repositories to verify the identity of employees in the cloud. This tool is only available to financial service firms to ensure risk aversion and optimal compliance.

How Can SoftArt Solutions Help?

Oracle Financials Cloud offers users an integrated, scalable financial management solution. There’s also premium support for global enterprises. SoftArt Solutions can help you install the software and complete the following tasks:

  • Streamline general ledgers and accounting
  • Comply with revenue recognition guidelines
  • Automate reporting on expense processing, or calculating KPIs

SoftArt Solutions has a deep talent pool of Oracle professionals we can call on to help you determine how Oracle Financials Cloud Services could empower your finance team. Contact us today to schedule an assessment of your current environment and to ask any questions you may have on any Oracle EBS products.