Flexcube is installed on the IBMservers 'in a standard configuration'. It supports front-to-back office operations at Prasac, covering all main areas such as core, branches, retail deposits, consumer lending, standing orders, signature verification and reporting.
Prasac is content with the project and the results so far. 'The system is running well and we haven't experienced any major problems,' stated Senacheert. The venture took a few months longer than originally anticipated, he admitted, 'but still fell within a very reasonable timeframe'. He attributed delays to Prasac, rather than Oracle FSS. 'We simply overestimated our abilities and set a timeframe that was too short,' he said. 'It's a big core banking system, so required more time.'
Prasac intended to continue working with Oracle FSS and more joint work was on the agenda in 2011. It sought to expand its activities into money transfers and payments (including the introduction of an ATMnetwork) and applied for the relevant licence to the National Bank of Cambodia.Moving into new areas of business would trigger changes on the regulatory/compliance side, said Senacheert, as well as the expansion of the functionality of Flexcube. The system's broad functionality range and scalability would underpin Prasac's growth, felt Senacheert, adding that its incorporation of international best practices would be instrumental for the success of a newcomer such as Prasac.
