Functionality of Flexcube Vendor profile:


Oracle FSS Head office:Mumbai, India Ownership: Public Founded: 1993 Number of known sites for Flexcube: 550+ Number of known Islamic sites: 20 Number staff: 9,220 Example Islamic banking clients: • Alizz Islamic Bank • Dubai Islamic Bank • Mashreq Bank • Noor Islamic Bank • Warba Bank


Company overview


Founded in 1993 as I-flex Solutions, Oracle Financial Services Software gained its name following the gradual takeover of the original company by Oracle, a process that began in 2005. The firm provides two major back office systems: Flexcube and the Oracle Banking Platform (OBP).


Flexcube, a replacement for ageing system Microbanker, was released by the company in 1998 and experienced a markedly easier transition into the market than most new platforms, as Microbanker users willingly stepped up to


42 Islamic Report www.ibsintelligence.com


• Credit – Consumer lending, loan syndication, collections, mortgages, consumer and commercial leasing, commercial loan origination, loan through intermediaries


• Deposits – Current and savings accounts, corporate deposits, simulation tools for deposits, dual currency deposits, structured deposits, letters of credit, bills and collections


• Payments – Traveller’s cheques, bankers cheques, demand drafts, standing instructions, sweeps, integrated liquidity management, multi-currency handling, SEPA support, Swift STP processing


• Treasury – Nostro reconciliation, general ledger, futures and options, fixed income, equities


• Back office – Settlement, reconciliation, client reporting feed


• Front and middle office – multi-lingual, multi- branch, multi-currency, reporting and dashboard support, archiving and purging tool, accelerator packs, regulatory reporting


Technical highlights • Java platform integration with multiple systems


• XML web-based user interface with context-sensitive help


• Multiple delivery channel support – from branches, ATMs and POS to call centres, mobile and internet banking


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