AIB claims EUR84m over bungled Flexcube deployment

AIB claims EUR84m over bungled Flexcube deployment

Allied Irish Bank (AIB) has begun court proceedings against Oracle Financial Services Software, claiming nearly EUR84 million over a bungled Flexcube implementation, according to broadcaster RTE.

AIB signed for the Flexcube core banking package from Indian vendor i-flex solutions - now called Oracle Financial Services Software - in 2007 to overhaul and streamline its retail banking operations.

However, RTE says sworn documents submitted by the bank to the commercial division of the High Court claim that a series of technical and management problems meant that by the end of 2009 just 3000 out of a total of five million customer accounts had been migrated to the new platform.

In March 2010 the roll out of Flexcube was abandoned with AIB forced to stick with its old system.

The bank claims it lost around EUR84 million through the project which it was induced to embark on by misrepresentation from the vendor. It is seeking the EUR84 million damages for misrepresentation and for breach of contract and negligence.

AIB claim for €84m against software firm - RTE

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