Oracle unit partners with Everest to bring blockchain to banks worldwide

Oracle Financial Services Software Ltd, a unit of Oracle Corp, has teamed up with financial technology provider Everest to bring blockchain to banks worldwide to enhance their product offerings, Everest Chief Executive and co-founder Bob Reid said.

Oracle Financial’s software is used in retail and corporate banking as well as the insurance sector.

Everest, whose blockchain technology enables a wide range of financial services, said it recently worked with the Asian Development Bank on the Central Bank of Samoa’s regulatory compliance platform. Everest is also a licensed custodian of cryptocurrencies.

In an interview on Tuesday, Reid told Reuters the collaboration means Oracle’s bank clients will be able to verify a customer’s credentials and transfer them to the blockchain platform in different countries.