Source: Fidelity Information Services
Fidelity Information Services and Oracle Corporation today announced that Fidelity will integrate Oracle® E-Business Suite financial and corporate performance management applications into its core banking offerings. This development will enable financial services organizations to acquire world- class core banking systems and financial management solutions from a single vendor, simplifying IT management, support and vendor relations. It also provides Fidelity customers with a global standard for financial and performance management.
Oracle financial applications will be offered as an alternative to the current accounting capabilities included in Fidelity's core banking offerings. "We faced a major business decision regarding our financial applications," said Frank Sanchez, president of leveraged product development for Fidelity Information Services. "Build or buy is always part of our decision process, and in this case we were convinced that Oracle had developed a best-of-breed solution. Our decision to integrate Oracle E-Business Suite applications will enable us to deliver a common set of accounting applications - as well as expanded corporate performance management capabilities - across our core banking systems. With Oracle, we can offer our clients industry-leading financials and ERP functionality right out of the box."
Fidelity will integrate a range of Oracle E-Business Suite applications spanning financial and corporate performance management, project management and business intelligence. Targeted applications include: Oracle Financials (encompassing General Ledger, Fixed Assets, and Accounts Payable modules), Oracle Procurement, Oracle Projects and Oracle Balanced Scorecard. The integrated solution will be available through the Fidelity ASP or outsourcing delivery model, as well as through the resale of licenses to end users.
By integrating Oracle E-Business Suite applications into Fidelity solutions, financial institutions will gain expanded functionality in several areas through the ability to deliver a global financial management system. The application integration incorporates workflow process management in support of business flows, for example, from a procurement requisition to accounts payables through to fixed assets and general ledger. This once-and- done data entry assists in streamlining business processes and improving enterprise operational efficiencies.
"Oracle's robust set of applications, supported through our integrated platform, will provide a distinct differentiator to Fidelity's customers," said David Klebba, senior director, Financial Services Solutions, Oracle Corp. "Traditionally, financial services institutions have had to work with multiple vendors to meet their core banking and business management IT needs -- adding a new level of complexity to their IT environments. With a cohesive offering from Fidelity, customers will be able to acquire both world-class core banking solutions and e-business solutions from a single vendor. This capability greatly simplifies management, support and vendor relations from a customer perspective. It's the best of both worlds -- with two industry leaders doing what they do best to solve customer needs."
Fidelity will begin delivering Oracle Financials as part of its solution in 2005.