The Oracle Corporation’s cloud-based enterprise resource planning (ERP) consolidating ledger has been implemented by Bank of America across 33 countries as the software company continues its focus on the banking vertical.

The $3.02 trillion Bank of America can now view liabilities and assets in one platform rather than 33 individual platforms, Vinod Jain, capital markets senior analyst at the Aite-Novarica Group, told Bank Automation News.

There are integration challenges to such a migration — for instance, in the U.S. ledgers list liabilities on the right and assets on the left, while in the U.K. it is the opposite, Jain explained. It also can be difficult to move to a unified platform due to legal differences between countries, he added.

One platform, however, allows the bank to get a better grasp of its internal finances, Jain said.

“What happens is, once you get all the numbers into one single platform, in this case, the Oracle Fusion cloud … it enables the user to have a dashboard and you can slice and dice the information very similar to what you have it in Excel,” Jain said. “You can see some trend, you can do analytics, you can find out across the business units, which is progressing, which is not progressing.”

Meanwhile, Oracle will continue its focus on growing its offerings to the banking industry. The $180.1 billion Australian investment bank Macquarie Group went live with Oracle Fusion ERP during the first quarter while global mutual fund provider The Vanguard Group — which has more than $7.50 trillion in assets under management — is also deploying the ERP solution, Oracle chairman and Chief Technology Officer Larry Ellison told shareholders during the company’s fiscal 2022 Q1 earnings call.

Other financial institutions named as Oracle Fusion ERP customers are:

• $3.7 trillion JPMorgan Chase;
• $2.98 trillion HSBC; and
• $2.2 trillion Bank of New York Mellon.

Oracle is also working with strategic banking partners to create a new cloud B2B financing and payments system, Ellison said.

“There are things you can do on the cloud you could never do on-premise,” Ellison said. “If you are the largest ERP supplier, there are opportunities to go into new businesses like financing and payments with banking partners that would have been impossible with the old on-premise systems, and those are opportunities we are aggressively pursuing with the world’s money center banks.”

Moving forward, banking and health care will be Oracle’s two largest verticals, Ellison added. In addition to its more well-known offerings, the Houston-based software company serves the core banking space with its Flexcube Universal Banking solution.

The Austin, Texas-based Oracle reported adjusted quarter one earnings of $1.03 on revenue of $9.73 billion. Back-office applications grew 25% in constant currency with Fusion ERP up 30% while operating expenses were up 3% over the first quarter. The reported gross margin for cloud services and license support was 84%.

Shares of Oracle [NYSE: ORCL] were trading at $86.39, down 2.81% at market close.