CSC (Falls Church, Va.) will offer banks Oracle (Redwood Shores, Calif.) FLEXCUBE on a managed hosting basis.
The new offering leverages Oracle's financial services software assets and CSC's managed hosting operational capabilities to provide mid-tier banks with access to Oracle's core banking solution with both retail and commercial banking functionality. The new offering will be offered initially in North America.
FLEXCUBE, a software suite for retail, consumer, corporate, investment, private and direct banking, asset management and investor servicing, has been installed at banks in more than 120 countries since 1999.
The CSC-ORACLE initiative extends an alliance formed in 1992 aimed at driving innovation and delivering quality technology and client service by offering solutions in key industry segments. It is the companies' second collaboration focused on delivering a packaged banking industry solution.
"More banks in the mid-tier are viewing hosted, platform-agnostic solutions as an attractive alternative for managing costs and improving efficiencies," said Tom Brogan, research director of Retail Banking for TowerGroup. "The challenge is developing solution alternatives that contribute to a bank's growth by providing functionality, efficiency enhancements and reliability at a predictable cost."