connectivity. The combined solution, dubbed Seamless STP, is centred on Sierra’s hosted BankON to take in files from Oracle’s ERP systems and route them to Fundtech’s Global PayPlus (GPP), sitting in front of a bank’s existing channels. GPP passes the corporate payment instructions to banks around the world for payment execution. A bank could use Seamless STP to provide a single point of contact for its customers’ multi-bank relationships, thereby giving corporate treasurers a single view of their cashflows. The hosted nature of the service meant the partners were suggesting a short implementation cycle. California-based Sierra (owned by Hitachi Consulting since 2011) was a long-standing Oracle partner. In August 2017, Oracle released the Oracle Banking Payments API solution. The offering that is built leveraging ISO
Strategy
The strategy has not always been easy to work out. Further integration of the components and continued fleshing out of its own Flexcube functionality were touted. In addition, in September 2012, Oracle FSS officially launched a brand new core banking system development aimed at top-tier institutions, dubbed Oracle Banking Platform (OBP). The vendor assured IBS that the new system would complement, rather than compete with, Flexcube and that the latter’s development and support would continue. OBP is based on Java and Oracle Fusion, and already claimed a couple of takers in the form of Suncorp and a National Australia Bank start-up, UBank. It appears, however, to offer less payments functionality than Flexcube : ‘The way we have designed it is we are expecting banks to have some sort of enterprise payments hub that we would interface to’, said Ashwin Goyal, SVP, financial services at Oracle FSS, at the time of the launch. There has also not been any known progress to date with Alaric, although this supplier has made good progress under its own steam, with a new chapter now unfolding with NCR.
Uptake and customer experiences
A pivotal customer on the SEPA and international payments front has been Allied Irish Banks (AIB). It had Flexcube for treasury, then opted for the system for its domestic and Polish retail operations. While working on the retail phase, another part of the bank’s systems overhaul commenced, covering payments primarily in its Republic of Ireland division. This was in early 2007 with an eye on completion in 2008. This aspect was pushed to the fore with the onset of SEPA deadlines. Around the same time, and with SEPA in mind, the team also started looking at its various electronic channels. For non-SEPA international payments, the Flexcube payments engine was deployed within another phase for London and Belfast replacing, among others, the Mimics Money Desk system, and returning the back office to Dublin. This was implemented in September 2008, alongside some of the SEPA channels that had commenced in the second phase. All of AIB’s corporate and commercial lending is now processed
by the system, as are all of its international payments for the Great Britain and Northern Ireland (GB&NI) division, plus SEPA Credit Transfers (SCTs) and SEPA Direct Debits (SDDs). Fundtech’s PayPlus system was being used for AIB’s Real-Time Gross Settlement and euro payments and there was an option to bring this across to its SEPA activities, but this had yet to ‘reach the top of priority list’.
When AIB was implementing the international payments
capability, the bank’s enterprise business architect, Marcel McCann, said that Flexcube functionality was being pushed ‘beyond what it had operated at previously from a full international capability point of view’. When Flexcube was purchased, McCann said that on the core banking side AIB was comfortable that there was an ‘80 to 90 per cent fit’. ‘On the payments side however we knew it was as low as 40 per cent and that we were going to have to get a lot of customisation done.’
In this sense, he suggested that AIB and I-flex were in fact jointly developing the international payments modules of the solution. ‘I’d say it probably has a stronger capability
Payment Systems & Suppliers Report |
www.ibsintelligence.com 225
20022 is designed to help banks compartmentalize payments messaging, message transformation and payment processing Using the Oracle Banking Payments API, banks can innovate within the Internet of Payments, collaboration with 3rd parties or curate new business models in collaboration with Fintechs. In December 2017, Oracle introduced FLEXCUBE V14, the
latest release of its flagship core banking application. The new release is said to include more functionality across all areas including payments, and also provides over 1,000 API’s to jump start initiatives. Thus, banks using FLEXCUBE V14 will be able to start exploring collaborative options to integrate with corporates, third party service providers, vendors, other banks and networks. .
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266 |
Page 267 |
Page 268 |
Page 269 |
Page 270 |
Page 271 |
Page 272 |
Page 273 |
Page 274 |
Page 275 |
Page 276 |
Page 277 |
Page 278 |
Page 279 |
Page 280 |
Page 281 |
Page 282 |
Page 283 |
Page 284 |
Page 285 |
Page 286 |
Page 287 |
Page 288 |
Page 289 |
Page 290 |
Page 291 |
Page 292 |
Page 293
