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Oracle FLEXCUBE Introduces New Features to Help Banks Enhance Mobile and Payment Capabilities, Streamline Compliance and Achieve Better Business - 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 [NYSE: ORCL]
Oracle FLEXCUBE Introduces New Features to Help Banks Enhance Mobile and Payment Capabilities, Streamline Compliance and Achieve Better Business

 

NewswireToday - /newswire/ - Redwood Shores, CA, United States, 2013/11/01 - 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 [NYSE: ORCL]. NYSE, NASDAQ: ORCL

   
 
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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.

Regulatory Compliance
With FATCA provisions set to take effect in July 2014, Oracle FLEXCUBE provides new features to help faciliate complinace and reduce risk. These features include support for due diligence for new customer onboarding and existing customers to identify United States (U.S.) individuals and U.S.-owned foreign entities.

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) and support 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.

Operational Performance
To help financial institutions better divide and compare transactional data while managing profitablity, cost and performance, Oracle introduces Oracle FLEXCUBE Information Server. This new capability enables 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.

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.

Supporting Quote
“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 FLEXCUBE help banks to provide an enhanced customer experience, meet industry standards, such as FATCA regulations and SWIFT standards, as well as streamline compliance, reduce risk and minimize IT complexity.”

About Oracle
Oracle (oracle.com) engineers hardware and software to work together in the cloud and in your data center.

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.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

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Oracle FLEXCUBE Introduces New Features to Help Banks Enhance Mobile and Payment Capabilities, Streamline Compliance and Achieve Better Business

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Oracle Corporation | FLEXCUBE
Publisher Contact: Valerie Beaudett - Oracle.com 
650-400-7833 valerie.beaudett[.]oracle.com
 
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