August 13, 2013

Oracle, the California-based hardware and software solutions provider, recently announced an update to its FLEXCUBE core banking solution that will help banks address FATCA compliance with new functionality, according to a release by Oracle.

In addition to supporting FATCA compliance, the new FLEXCUBE release also includes tools to help banks meet local regulatory and auditing requirements regarding court order recoveries and asset classification norms, Oracle said in the statement.

The new FLEXCUBE update is able to process 24,377 online transactions per second. It can complete end of day batch processing for 100 million accounts in 128 minutes and end of period batch processing for that many accounts in 236 minutes.

[See Related: Global Core Banking Market Growing]

To help IT staff deal with the pace of innovation today, the new release also includes additional system development and management tools designed to help banks quickly and easily create and manage functions, extend maintenance screens, add batch processing activities and launch new web-based services. It also includes features to help banks improve existing fund management, compile a flexible lending portfolio and quickly adopt new channels.

“With changing regulatory requirements, consumer demand for enhanced experience, and growing competition, banks need solutions that help them achieve new levels of flexibility and performance,” Chet Kamat, managing director and CEO of Oracle Financial Services Software Limited, said in the release.

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Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received ...