Technology provider Oracle is moving forward with its “open banking initiative,” a project that includes an open API framework to better allow banks and fintechs to work together on innovation.

The company announced the platform yesterday during its “Oracle Open World” conference.  The platform is a “platform as a service” initiative aimed at creating greater collaboration within financial services for what Oracle terms “the necessity” of open banking.

The digital-first solution allows banks and other financial technology firms to use Oracle’s open API model to solve some of the problems that are still presenting themselves in fintech; as of today, the platform now offers “Blockchain Cloud Services” for this purpose as well.

Read more at MarketsInsider and PRNewswire.