Oracle FLEXCUBE Introduces New Features to Help Banks EnhanceMobile and Payment Capabilities, Streamline Compliance and Achieve Better Business Performance Insight
Jakarta, Indonesia. 4 November 2013
Today’s financial services landscape calls for seamless, rich and individualized online and mobile experiences for consumers, new ways to meet increasing regulatory pressures and the ability to continually drive improved performance. Oracle FLEXCUBE has expanded capabilities to support these areas including new contactless payment and rich, personalized portal enhancements as well as new Society for Worldwide Interbank Financial Telecommunication (SWIFT) certification and Foreign Account Tax Compliance Act (FATCA) compliance.
- Oracle Financial Services Software Limited today introduced new Oracle FLEXCUBE capabilities that help financial institutions to support regulatory compliance, offer richer and more personalized customer experiences, improve perfromance and streamline their IT environments.
Supporting Regulatory Compliance
- With FATCA provisions set to take effect in July 2014, Oracle FLEXCUBEprovides new features to help faciliate complinace and reduce risk. These features includesupport for due diligence for new customer onboarding and existing customers to identify United States (U.S.) individuals and U.S.-owned foreign entities.
Enhancing Customer Experience
- Oracle FLEXCUBE Mobile Banking now supports contactless payments,including near field communication (NFC),quick response (QR) code support, person-to-person (P2P)and social media payments, enabling banks to offer a new level of convenience and flexibility for customers.
- Oracle FLEXCUBE Direct Banking enables banks to provide more comprehensive, flexible and consistent service as well as greater customer convenience with end-to-end multi-channel, multi-step and multi-device collaborative originations capabilities for retail and corporate customers. It also provides expanded customer self-subscription and onboarding features and enables full-scale straight through processing (STP) andsupport for offline processing.
- Corporate banking users of Oracle FLEXCUBE can now take advantage of the enhanced bulk payment capability to help streamline operational efficiency and reduce risk.
- Oracle FLEXCUBE has been named a SWIFT Certified Application for Payments 2013.
- The enhanced Oracle FLEXCUBE platform also integrates more easily with multiple channels, such as call centers, ATMs and kiosks to quickly and effectively enable customers to access their accounts.
Improving Operational Performance
- To help financial institutions better divide and compare transactional data while managing profitablity, cost and performance, Oracle introducesOracle FLEXCUBE Information Server. This new capabilityenables users to simply and rapidly analyze products, review current profitability data and trends to better optimize business decisions and manage competitive pressures, and review standard reports and enhance accountability by monitoring branch-level performance.
Reducing IT Complexity
- Oracle FLEXCUBE Development Workbench will now support R10 and R11 versions of FLEXCUBE, enabling financial institutions to transfer exisiting customizations from one FLEXCUBE release to another to help speed upgrades and help reduce cost and resource requirments.
- To ease testing of upgrades, patches and fixes on Oracle FLEXCUBE, Oracle today announced the availability of Oracle FLEXCUBE Testing Workbench for Universal Banking, which enables banks to record user and branch transactions, extract subsets of production data, re-run data in test environments and receive immediate diagnostics on errors, which can substantially reduce testing efforts.
- To help banks better manage production environments and data compliance, Oracle FLEXCUBE now also ships with a new archiving and purging utility.
- Oracle FLEXCUBE Universal Banking now runs on Oracle Database Appliance X3-2 to deliver mid-size banks a compelling banking-in-a-box solution. With this certification, banks can benefit from a low-IT-footprint, high-performance, full-scale banking technology that is engineered to support end-to-end business requirements.
- In a recent performance test of Oracle FLEXCUBE Universal Banking on Oracle Database Appliance X3-2, the system managed more than 2.6 million online transactions in 60 minutes.
- This equated to 744 transactions per second with an average response time of 156 milliseconds for 98 percent of the transactions.
- The solution completed end-of-month batch processing for 10 million customer accounts in 123 minutes during the perfromance test.
- “Financial institutions are grappling with evolving customer and regulatory requirements and the need to reduce IT complexity,” said Chet Kamat, CEO & Managing Director, Oracle Financial Services Software. “The latest enhancements to Oracle FLEXCUBEhelp banks to provide an enhanced customer experience, meet industry standards, such as FATCA regulations and SWIFT standards, as well asstreamline compliance, reduce risk and minimize IT complexity.”
- Oracle Financial Services
- Oracle FLEXCUBE
- Oracle Database Appliance X3-2
- Follow Oracle Financial Services on Twitter
- Join the Oracle Financial Services Community on Facebook
- Follow the Oracle Financial Services Blog
- Subscribe to the Oracle Financial Services YouTube channel
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE:ORCL), visit www.oracle.com.
About Oracle in Industries
Oracle industry solutions leverage the company’s best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.