Flexcube Payments Oracle FSS
Overview
Oracle has a mix of its own and third party solutions, across a broad span of payments functionality. Clearly, Oracle is a huge company, with its traditional database and ERP roots. It has diversified through acquisitions, including those of Peoplesoft and Sun, and has bought a number of financial services application providers, including I-flex Solutions and its core banking system, Flexcube. The latter’s payments module is part of Oracle’s suite, along with a range of third party solutions and some acquired or home-grown offerings. Clearly, there is technical commonality, in that they support the Oracle database, but they come from different roots and there are different levels of integration.
Strengths
• Size and reach of company. • A wide range of complementary offerings including BPM, core banking, risk management, anti-money laundering (AML), and technology.
• Some uptake of Flexcube of late for SEPA. Weaknesses
• Flexcube regarded as universal banking system, not best of breed payments and messaging system. of
• A mix in-house solutions and third-party offerings, with different levels of integration.
• Some confusing messages regarding offerings and positioning.
• Lack of profile (try to find Flexcube Payments on the Oracle website, for instance).
Corporate overview
The I-flex Solutions business, which originally stemmed from Citicorp in India, was acquired by Oracle in 2005, with a subsequent increase in the shareholding. It was rebranded as Oracle Financial Services Software (Oracle FSS) in 2008. Flexcube Payments is an enhanced version of the payments module of the original Flexcube core banking system. In November 2016, Oracle announced that it had signed an agreement to acquire Dyn, the leading cloud-based Internet
Performance and DNS provider that monitors, controls, and optimizes Internet applications and cloud services to deliver faster access, reduced page load times, and higher end-user satisfaction.
Summary history 2001
2005
Oracle partners with emerging retail payment system supplier, UK-based Alaric.
Oracle buys stake from Citibank in India-based core banking system supplier, I-flex Solutions, giving it a majority holding.
2006 August – Oracle buys US-based Mantas, an AML specialist, in an all-cash deal worth $122.6 million. 2007 2008
August – Oracle buys US-based online identity theft and fraud software vendor, Bharosa.
January – Oracle partners with Australian payments system supplier, Distra. This is for Distra Switch for card and payment processing including consumer/corporate payments, ATM and POS device driving, channel integration, authorisation request processing, and routing and connectivity to external parties such as processors, beneficiaries, card schemes and hosts.
2008 2009 2009
2013
April – I-flex Solutions becomes Oracle Financial Services Software (Oracle FSS). April – Oracle agrees to acquire Sun Microsystems for approximately $7.4 billion.
Oracle extends partnership with Alaric (Now NCR), with this supplier’s solution at the heart of Oracle’s Consumer Payment Services Hub.
December – Alaric is acquired by NCR. Payment Systems & Suppliers Report |
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