Oracle refreshes FLEXCUBE for Universal Banking

MUMBAI: Oracle Financial Services Software has announced a new release of Oracle FLEXCUBE Universal Banking. This brings together Oracle’s vast experience in supporting banks in more than 125 countries and with a combined asset base in excess of 30 trillion dollars, says a press release.

With the help of 2,000 plus web services, 800 plus file-based feeds and more than 900 call outs for extensibility, Oracle FLEXCUBE customers have the flexibility to set up their operations based on the unique needs of the business while also benefitting from more than 25,000 existing integrations from previous deployments of the application around the world, adds the company.

Along with this release, Oracle is also launching the “Oracle FLEXCUBE  Integration Lab” to provide customers with secure access to an instance of Oracle FLEXCUBE in order to get a first hand feel for how easy it is to integrate with the application using existing web services.

"Oracle FLEXCUBE Universal Banking release 11 provides complete support for the lending, leasing and mortgage lifecycle across origination, servicing and collections.  It helps banks improve their reach and generate fee-based income through better intermediary and broker-aided distribution of products to target segments. The new release enables banks to reduce operational risks, lower costs, and enhance customer service by taking advantage of centralized, multi-product origination functionality to provide a uniform customer experience, standardize processes across the enterprise, and create centers of excellence. Oracle FLEXCUBE release 11 helps to improve operational and analytical insight for bankers through enhanced business intelligence support and integration with Oracle Reveleus as well as Oracle Mantas’ Know Your Customer, Anti Money Laundering and Fraud.

“Improving their reach and generating fee-based income through enhanced origination and distribution is at the top of the 2010 agenda for banks,” said Joseph John, Executive Vice President, Banking Products, Oracle Financial Services Software. “Oracle FLEXCUBE Universal Banking release 11 marks a significant milestone, providing unmatched extensibility and integration capabilities combined with operational support. It builds on our proven track record and expertise in providing banks with core banking software solutions.”

“The new decade will bring a renewed spotlight on core banking renovation after a prolonged period of delaying core projects during the global recession,” states Karen Massey, Senior Analyst, Consumer Banking, IDC Financial Insights. “The focus will be on refreshing the core to support new business models as financial institutions look to improve profits and increase efficiency, questioning the tremendous maintenance and integration costs of legacy core systems. The flexibility of a component based approach will be key to core renewal, supporting unique strategies as FI executives invoke innovation to take a leadership position in the marketplace.”