New Cypriot bank Ancoria selects Oracle Flexcube as tech backbone

Source: Oracle

As the financial services landscape continues to transition, independent banks are exploring business opportunities around the globe. Newly established Ancoria Bank is launching in Cyprus, where it will focus on servicing small to midsize enterprises, as well as a segment of the retail sector.

Ancoria has selected Oracle FLEXCUBE on Oracle technology, as the backbone of its core banking operations.

• Ancoria Bank has selected Oracle FLEXCUBE Universal Banking, Oracle FLEXCUBE Direct Banking, and Oracle FLEXCUBE Information Server to support its mission of becoming the most flexible bank in Cyprus with the ability to issue new products and services within a matter of days.
• The Oracle FLEXCUBE solution will be installed on Oracle best-of-bread technology, consisting of Oracle Database, Oracle Enterprise Manager, Oracle Business Intelligence and Oracle WebLogic Server with Oracle SOA Suite.
• Ancoria expects to commence operations in the second half of 2015 with two branches in the Cyprus cities of Nicosia and Limassol. Both of these branches will concentrate on commercial-banking products and services for small and midsize enterprises and the retail sector.
• Oracle Gold Level Partner and established Ancoria partner, NewCYTech Business Solutions Ltd, will implement the Oracle FLEXCUBE solution together with all underlying Oracle technology, with the help of Oracle Consulting Services.

• “Ancoria is yet another example of the growing number of independent banks around the world that are trusting Oracle FLEXCUBE on Oracle technology to run their banking operations and transform their businesses,” said Chet Kamat, Senior Vice President, Banking, at Oracle.
• “We see this as a great opportunity to deliver stable and flexible banking services to the market,” said John E. Loizou, chief executive officer for Ancoria Bank. “Oracle FLEXCUBE is a cutting-edge solution that will enable us to service our customers with new products and services at a rapid pace.”

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