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Oracle ships Flexcube Core Banking release 5

24 July 2013  |  1864 views  |  0 Source: Oracle

To help financial institutions improve profitability, meet growing customer requirements for flexible and personalized banking services, and effectively comply with increasingly stringent regulatory requirements, Oracle today introduced Oracle FLEXCUBE Core Banking Release 5.

The latest version of Oracle FLEXCUBE Core Banking is pre-tuned to optimize performance, scalability, as well as transaction speed, and includes features that help banks strengthen existing fund management capabilities, compile a flexible lending portfolio, and quickly adopt new delivery channels. 

Benchmarked on two Oracle Exadata X3-2 Full Racks and one Oracle Exalogic X3-2 Half Rack, Oracle FLEXCUBE Core Banking Release 5 achieved an online throughput of 24,377 transactions per second, and completed end of day batch processing for 100 million accounts in 128 minutes (2:08 hours) and end of period batch processing in 236 minutes (3:56 hours). 

This release reinforces Oracle's continued commitment to Asia's rapidly growing banking sector with new functionality that supports loan-backed overdrafts, asset classification norms, and positions accounting to meet Chinese bank business requirements. 

Oracle FLEXCUBE Core Banking Release 5 includes functionality that helps banks comply with the new Foreign Account Tax Compliance Act (FATCA) requirements and help equip organizations to efficiently manage local regulatory and audit requirements related to court order recoveries and asset classification norms. 

To help ensure high performance and rapidly extend services, the solution includes expanded built-in system development and management tools. Bank IT staff members can quickly and easily create and manage functions, extend maintenance screens, add batch processing activities, and launch new web services. In addition, new back-office monitor capabilities enable IT staff to monitor application performance and progress continuously. 

Extensive support and comprehensive integration capabilities backed by an exhaustive set of granular and composite application programming interfaces help support uninterrupted, 24x7 operations.

"The global banking environment is becoming increasingly complex each day, " said Chet Kamat, Managing Director and Chief Executive Officer, Oracle Financial Services Software Limited. "With changing regulatory requirements, consumer demand for enhanced experience, and growing competition, banks need solutions that help them achieve new levels of flexibility and performance. Oracle FLEXCUBE Core Banking Release 5 gives banks the combination of high performance, throughput, flexibility, and robust functionality that they need to compete and win in a challenging business and regulatory environment." 

"We created a record with FLEXCUBE in November, 2011, when we transformed our core system in just 18 months. Today with about 25 million accounts and growing on Oracle FLEXCUBE, we are confident that we have a robust and 24x7 solution which will continue to support our business growth agenda for the future. We are glad to hear of the new version of FLEXCUBE and wish oracle the very best," said Li Ling, IT Development Manager, Ping An Bank. 

"Since going live with FLEXCUBE in phases from early 2010 to late 2012, Jilin bank has transformed its legacy platform to drive growth and to compete effectively in the domestic market with a speedy time to market of new product offerings suited to customer segments' demands and with an improved ability to manage exponential customer growth while managing risk. FLEXCUBE is the backbone of our enterprise IT infrastructure. We are glad to know of Oracle's commitment to this market with continuous enhancements to the FLEXCUBE platform," said Li Guibin, General Manager, IT Department, Bank of Jilin.

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