now than before they started the process,’ he stated. ‘We provided the IP in terms of the design and I-flex provided the code.’ The quality of this work, noted McCann, ‘has been very good’. The overall AIB/Oracle FSS story did not have a happy ending, centred on the implementation of Flexcube for retail banking. AIB sought to recoup around €84 million from Oracle FSS, claiming these were the costs and expenditure it ‘wasted’ on trying to implement Flexcube. AIB sought damages for alleged misrepresentation, breach of contract and negligence. It also claimed further compensation for loss of profits and damage to goodwill, with the amount yet to be calculated. The allegations were rigorously denied by Oracle FSS and the claim was later settled. No admission of liability was made and no sum was publicly quoted. Another payments-oriented taker is mid-tier Netherlands-
based Friesland Bank. It signed for Flexcube, with board approval in mid-2008. The takeover of I-flex by Oracle gave the bank confidence that it was dealing with a global player that would be there for the long-term. The bank’s head of corporate development, Eiso Bos, also knew Flexcube from his days at Rabobank, where it is used for corporate banking. Although Flexcube had a relatively small western European user base, Friesland Bank felt there was a good standard solution for SEPA payments within the universal banking platform. A reference visit was made to AIB in Dublin, which was going through its SEPA implementation of Flexcube at that time. While the Dutch bank took Flexcube for broad core banking support, SEPA was felt to be an ideal starting point.
The bank needed to have a solution for SCTs by the start of 2009. ‘It was not a high risk area so was a very good product for doing the first steps,’ said Bos. It allowed the bank and supplier to get to know each other and to learn how to work as partners. It also helped to define the shared service model, interfaces, business architecture and IT architecture. The bank duly went live with SCTs in January 2009 and then set to work on SDDs for the November deadline for reachability. ‘It was a steep learning curve and I am glad we started with SEPA,’ said Bos. It was low volume and not felt to be business critical. In August 2015, underpinned by Oracle FSS’s Flexcube
core banking system, Saxo Payments launched its cross- border transfer service and announced First Data as the initial client. Several other clients have promptly followed, including Valitor, Tuxedo Money Solutions and Allied Wallet, and more were released over the next couple of months. The Flexcube platform was set up from scratch by Oracle FSS for Saxo Payments and a key need was the ability to support a high volume of global transactions. Co-op Money NZ, the trading name for the New Zealand
Association of Credit Unions, which represents co-operatively owned credit unions and mutual building societies, chose Flexcube to replace its legacy core banking system. Co-op Money NZ employs over 550 staff, represent approximately 200,000 members, with more than 95 branches, assets of over $1.5 billion and collectively are the sixth largest financial transactor by volume in New Zealand.
User list Flexcube Payments
Example users: Crédit Agricole (Romania) Friesland Bank (Netherlands) Saxo Payments (Denmark)
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