more traction.’ Skrobala felt there was ever greater pressure on banks
to improve their financial systems. ‘Banks are now looking at their whole ledger architecture.’ There should be better coordination and insights across different business lines, with financial data linked to day-to-day processes and individual transactions. That data should be used in an advisory capacity, not in isolation. There is a need for real change, with a less restricted ledger environment which includes a ‘staging area’. This is populated earlier in a bank’s processes than is the case with a GL to allow consolidation and validation, thereby removing later reconciliation workload. The risk and accounting solutions are expected to be
relevant to Oracle’s activities with its emerging high-end core banking system. Dubbed Oracle Banking Platform (OBP), it
User experiences
Over recent years, Basel II has provided reasonable pickings for Reveleus. By June 2005, Bank of Montreal (BMO) had signed as its first fully-blown Basel II customer. Ramakrishnan said BMO threw the net fairly wide (looking at the likes of Financial Architects, Sungard, Algorithmics, and Fermat) and the timescales were aggressive, with Canadian regulators stipulating that banks had to be in parallel run by October. BMO would initially implement the solution for Canada, as this was the most pressing requirement, but would also use the data warehouse to support its international operations. While no one from the bank was available to comment, a key reason cited for the choice was the pre-built nature of the Reveleus solution. At the time, BMO was also looking to extend its solution to support risk-based pricing at an individual loan level. This capability was to be developed jointly by the bank and supplier.
Over the next few years, a number of Basel II signings
followed: 2005 saw the addition of First Investment Bank in Bulgaria and Lloyds TSB; in 2006 came Investec, Wachovia, Wells Fargo, Citigroup and the first Basel II signing in India, Union Bank of India; SunTrust selected Reveleus in 2007 as did Indusind Bank, HDFC Bank, UTI Bank and Fullerton India Credit Company in India; and in 2009, TAIB Bank in Bahrain went live with the solution.
Some new customers have also been gained alongside Flexcube. In 2010, Jamaica-based First Global Bank and
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its sister company, First Global Financial Services, selected Flexcube plus Reveleus, with initial interest in the core banking system and with the risk management solution then helping to close the deal for both solutions. Reveleus was not originally part of the requirements of the bank, but the finance and risk management team were attracted to it.
Another example of this type of signing came in October 2005 when Panama-based foreign trade specialist, Banco Latinoamericano de Exportaciones (Bladex), became I-flex’s first central American customer, choosing to implement both Flexcube and Reveleus. For the Financials Accounting Hub, a notable user is Rand
Merchant Bank (RMB) (see earlier sections). The first focus was a new architecture for its international business but there has also been a larger project for its domestic business. In 2007, in part due to growth pressures and over-reliance on spreadsheets, it began its search. The new solution was meant to cover accounts payable, accounts receivable and i-procurement. It was a business requirement not a technical one, said RMB’s COO, financial services, Dirk Snyman, and the solution needed to be ‘expandable, extensible and flexible’. After an eight month selection, the Accounting Hub was chosen, along with a number of other components, including Business Objects for reporting and Sungard’s Intellimatch for matching. The breadth and integrated nature of the Hub was an important factor, given the need for a group-wide view. ‘The integrated features that Oracle offers looked to be more than
Risk Management Systems & Suppliers Report |
www.ibsintelligence.com
is Java-based and uses the Oracle technical stack as well as harnessing application components, for CRM (Siebel, now Oracle CRM on Demand), data management, risk management (Oracle Financial Services Analytical Applications, which incorporates a range of solutions, including Reveleus), and financial management (the Financial Accounting Hub). The first live site for OBP was UBank, a start-up of National Australia Bank (NAB). Suncorp in Australia was also signed up. NAB was intending to apply OBP to its core domestic business, after the UBank cutover. No other takers were known by late 2014, although Oracle had been bidding with the new system.
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