Oracle upgrades Flexcube Universal Banking

Source: Oracle

In order to help banks increase operational efficiency, enhance the customer experience and reduce costs, Oracle Financial Services Software today announced a new release of Oracle Flexcube Universal Banking.

Oracle FLEXCUBE Universal Banking is a comprehensive, back-office banking application that enables multi-entity, multi-product processing globally, and provides full support for business processes.

A SOA-enabled application, Oracle FLEXCUBE Universal Banking helps customers address new business requirements, streamline processes, integrate easily with disparate systems, and incorporate new services or upgrade existing ones in a phased manner.

The new release of the application features enhancements including an extensibility framework, simulation tools, enterprise origination capabilities and enterprise integration accelerators, that make it easier for banks to centralize origination functions in order to eliminate redundancy, cut lead times and increase overall efficiency.

Oracle FLEXCUBE Universal Banking has now been certified for Oracle VM, which can help banks significantly reduce hardware requirements and achieve cost savings when running the application.

Oracle FLEXCUBE enables easy 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.

New Features Offer Opportunities for Short-Term Value, Long-Term Advantage

With comprehensive coverage for origination of standard banking products and customer accounts, banks can now use Oracle FLEXCUBE to standardize their origination processes, centralize key functions and take advantage of economies of scale both within and outside their organization. This helps open up enhanced opportunities for banks to outsource associated business functions to a partner.

Oracle FLEXCUBE provides capabilities that enable a bank's relationship staff to simulate and do 'what if' analysis for the business products specific to each customer, and turn these into contracts that are personalized to the customer.

The new release provides a unique product extensibility framework, featuring more than 2,100 callouts, which enables easy customizations to be made by a system integrator or the bank's IT department.

With a new management and integration console, customers can harness a single window for integrating into their existing eco-system, modifying processes and associated code, and aligning the user interface to the business process.

The integration console delivers pre-packaged enterprise integration accelerators and a custom file creation toolkit that can help integrate Oracle FLEXCUBE with a bank's existing applications more seamlessly than before.

With more than 2,000 web services available in the integration console, banks rolling out business applications on SOA are now able to more easily integrate Oracle FLEXCUBE to their application infrastructure in order to take advantage of the application's robust product-processing capabilities.

Oracle FLEXCUBE Universal Banking features a deployment accelerator with pre-configured products, which helps a quicker, more efficient and less expensive implementation.

"With the turn of events over the past year in the industry, it has become critical for banks to provide customers with the best deals, reduce costs and not lose sight of opportunities for long-term competitive differentiation," said Joseph John, Executive Vice President, Banking Products, Oracle Financial Services Software. "The new release of Oracle FLEXCUBE Universal Banking provides banks a proven banking platform that addresses not only today's critical business imperatives, but also gives them the flexibility to adapt to changing market conditions and business requirements in the future."

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