2 Introduction to Data Foundation Cloud Service
The Oracle Financial Services Data Foundation Cloud Service (DFCS) for Banking offers a consistent, efficient, and well-governed data management solution tailored to meet both internal and regulatory data requirements for banks. It includes a comprehensive data catalog designed to support key analytical use cases across finance, risk, and compliance domains. This solution is powered by a feature-rich platform that enables data ingestion, data quality and reconciliation, hosts high-quality historical data, and facilitates the distribution of validated data through extraction routines and data visualization tools, such as reports.
Figure 2-1 Data Foundation
Oracle Data Foundation Cloud Service (DFCS) is a cloud-native data management and processing platform that offers a single source of truth by using a unified and integrated results area. The platform stages the data directly from the source systems, processes it, and delivers results for downstream consumption.
- Data Foundation prioritizes consistency in definition of data (and its governance) of a financial institution by using an industry-leading ontology of business terms to model the data.
- Data Foundation ensures transparency in data management processes by enforcing Change Management at its core, leading to safer adaptability (extension) of its comprehensive pre-built data model (and data catalog).
- Data Foundation provides an extensive Results Area that acts as the metaphorical single-source-of-truth for all data needs of an organization across key functions, such as, risk, finance, and compliance.
- Data Foundation also standardizes distribution of data to downstream applications and use cases by providing certifiable interfaces for consumption.