Reveleus
Formed in 2002, and based on the Flexcube Information Center analytics solution, Reveleus was established as I-flex’s business intelligence and analytics division. The acquisition by I-flex in 2005 of the Ortos operational risk solution from Capco then enabled the vendor to broaden the capabilities of the Reveleus solution further. DBS Bank went live with this solution integrated within the Reveleus offering shortly afterwards. In early 2007, the Reveleus Governance, Risk and Compliance (GRC) framework was unveiled. This framework surrounds both
the Oracle Reveleus and Oracle Mantas risk and compliance ‘point’ solutions, providing an end-to-end GRC solution. Mantas was an AML and compliance software vendor which was acquired by I-flex in 2006. Mantas solutions available under the Reveleus GRC framework include Oracle Mantas Know Your Customer, Oracle Mantas Trading Compliance, Oracle Mantas Broker Compliance and Oracle Mantas Anti Money Laundering. The Reveleus Enterprise Risk Management suite included Oracle Reveleus Operational Risk, Oracle Reveleus Basel II, Oracle Reveleus ICAAP and Oracle Reveleus Economic Capital Advanced. The suite has moved on as new risk requirements have emerged and, typical of Oracle, there has been some rebranding, now using the Oracle Financial Services (OFS) tag, so now comprises OFS Analytical Applications Basel III, OFS Basel Regulatory Capital, OFS Market Risk, OFS Operational Risk Analytics, OFS Operational Risk Economic Capital, OFS Analytical Applications Infrastructure, and OFS Asset Liability Management. The disparate source for much of the software means some banks have been confused by the different messages, components
and brands. The underpinning Infrastructure piece is described as a set of tools for data management and security administration for creating a single, consistent, enterprise-wide source of all relevant customer and financial data.
Oracle Financials Accounting Hub
Housed within the Oracle E-Business Suite, the Financials Accounting Hub (initially the Financial Services Accounting Hub) was designed to provide centralised accounting rules, alongside transaction information, with the chart of accounts linked back to the transactions. The aim is streamlined, consistent accounting policies underpinned by the ability to drill down into the underlying data. Financial and global management reporting come off
the one consolidated
repository, so that conflicting requirements can be met. In effect, it is a repository that will be fed by a bank’s
core systems. The first point of contact is a rules-based layer which facilitates the consolidation of data. The information is intended to be reconcilable back to the transactions, with this an important attribute for regulatory requirements, whether IFRS, Basel II, Basel III or AML. It is claimed Oracle’s Hub will work off any GL environment.
It will also interface to any relevant transaction systems and, following Oracle’s investment in I-flex Solutions, there was work to integrate it with Flexcube and Reveleus. In addition,
Oracle signed a strategic agreement with Fernbach in 2006, whereby the Belgian supplier would provide the calculation engines for IFRS. The two companies then gained a major win at Royal Bank of Scotland. Other wins include AT&T and South Africa-based Rand
Merchant Bank (see below). Oracle’s Stephen Skrobala, senior director, EMEA financial services, felt there were four main drivers for banks looking at the Hub. First, some banks were seeking efficiency gains, with more timely and accurate closing. Second was regulatory compliance, perhaps to replace the tactical ‘black box’ type solutions that were put in place alongside spreadsheets to allow them to meet IFRS requirements. Such solutions did not allow the transparency that was now sought by regulators. It was no longer enough for the banks to say, ‘trust us’, said Skrobala, with regulators looking much more closely at the details, including how deals are booked in the ledger. A third driver was to centralise accounting, so ‘taking the ledger out of the core systems’, replacing multiple embedded ones with a single bank or insurance-wide one. And the fourth push was coming from banks wanting to integrate their risk and finance activities. ‘The concept has been around for a while but there is now
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