Oracle (Redwood Shores, Calif.) has released the latest version of its FLEXCUBE Universal Banking solution. The upgrade is designed for greater operation efficiency, enhanced customer experience and reduced costs.
FLEXCUBE Universal Banking is a back-office banking application that enables multi-entity, multi-product processing globally, while supporting business processes. It is an SOA-enabled application that can help customers address new business requirements, streamline processes, integrate easily with disparate systems, and incorporate new services or upgrade existing ones in a phased manner, Oracle said.
The new release of FLEXCUBE features enhancements such as an extensibility framework, simulation tools, enterprise origination capabilities and enterprise integration accelerators, all designed to make it easier for banks to centralize origination functions to eliminate redundancy, cut lead times and increase overall efficiency. It is now certified with Oracle VM which, the company said, can help banks reduce hardware requirements and achieve cost savings when running the application.
Oracle FLEXCUBE now enables easier business process re-engineering via pre-built process packs. It leverages Oracle Fusion Middleware components, including the Oracle SOA Suite for orchestration of web services, services management and security. It also uses Oracle Business Activity Monitoring to help provide interactive, real-time dashboards for defining and tracking metrics as well as reducing process complexity.
Additionally, Oracle FLEXCUBE Universal Banking has been awarded a SWIFTReady 2009 Payments label.
Banks can now use FLEXCUBE to standardize their origination processes, centralize key functions and take advantage of economies of scale both within and outside their organization since it now features comprehensive coverage for origination of standard banking products and customer accounts.
Also, with a new management and integration console, customers can use a single window for integrating into their existing eco-system, modifying processes and associated code, and aligning the user interface to the business process.
Senthil Kumar, VP of Global Financial Services Marketing, Oracle, tells BS&T the main thrust of this upgrade to FLEXCUBE was to enable change management and integration. "Customers want to extend here and there and make the solution more suitable to the business processes in their bank," Kumar says. He adds this is the first version of FLEXCUBE to offer this centralization feature.