September 17, 2008

Oracle Financial Services Software, a majority owned subsidiary of Oracle, announced that Oracle FLEXCUBE Messaging Hub 2.0 now supports SEPA Direct Debit functionality. Also, SWIFT has awarded Oracle FLEXCUBE Messaging Hub a SWIFTReady SEPA label for 2008. FLEXCUBE Messaging Hub is designed to, help banks address their SEPA Credit Transfer and SEPA Direct Debit requirements on a single platform. It complies with ISO20022 standards for SEPA, European Payments Council implementation guidelines and Clearing and Settlement Mechanism Market Practices. "Oracle FLEXCUBE Messaging Hub for SEPA will help banks enable their business applications for SEPA standards and provide innovative cash and treasury services to their customers. The SWIFT Ready SEPA Label demonstrates our commitment to our customers, to standards and to providing solutions that improve straight through processing, reduce risk and minimize costs," said N.R.K.Raman, Managing Director and CEO, Oracle Financial Services Software, in a statement.

Oracle Financial Services Software also announced that the largest commercial bank in Ireland, Allied Irish Bank (AIB), has gone live with a SEPA (Single Euro Payments Area) Credit Transfer service using Oracle FLEXCUBE Universal Banking and Oracle FLEXCUBE Messaging Hub. The implementation enables the bank to provide SEPA payment processing for both retail and corporate accounts in the United Kingdom and in the Republic of Ireland. Allied Irish Bank rolled out Oracle FLEXCUBE Universal Banking to support its operations in Great Britain and the Republic of Ireland in 2007.

ABOUT THE AUTHOR
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & ...