OracleFSS Mumbai, India
Flexcube, OBP » OBP is a new product launched in 2012 » Both Flexcube and OBP support Oracle Fusion platform » Flexcube and OBP support centralized, decentralized and hybrid deployments » Flexcube has one flagship reference site in the US (Silicon Valley Bank) » OBP has one new US customer
Flexcube, OBP Oracle FSS
Oracle Financial Services Software (I-flex Solutions as was) is one of the leaders in the back office systems market, with its Flexcube suite spanning most areas of banking. I-flex came out of Citigroup and broke into the core banking systems mainstream, with its offering coming to be the best seller in this space for five consecutive years up to and including 2006. Oracle took an initial stake in I-flex in mid-2005 and then gradually increased this, to today’s 80 or so per cent. The loss of the I-flex name was a notable one, with the unit rebranded during 2008; since then, the senior management of I-flex has departed. 2012 saw the release of a new core banking system from Oracle FSS, intended to complement Flexcube. Dubbed the Oracle Banking Platform (OBP), the new system was based on Java and Oracle Fusion and is principally aimed at tier one banks. OBP is being bid in the US but, to date, the only known
takers remain the original ones, both in Australia. Flexcube has US sites, primarily the international operations of some overseas banks. However, it also has Silicon Valley Bank as a user. Oracle was hopeful that Flexcube could make further inroads on the US market but, to date, there has been little, if any, additional progress.
The company started out as Citicorp Information
Technologies Industries Limited (Citil), before becoming I-flex Solutions in early 2000. It was spun out of Citigroup’s venture capital arm and initially focused on developing markets, with its Microbanker system. The rewritten version, Flexcube, launched in 1998, propelled the company into mainstream markets, resulting in a client list which within five years topped 100. By the end of 2005, this had risen to over 260. It included some major players, with the largest roll-out within Citibank
106 itself. Also developed was a retail back office system, Finware. This
came out of a joint development at the start of the 1990s with Stratus and ran on this supplier’s proprietary VOS platform. An early taker was Bank Rakyat. A port to Unix and Sybase was completed in 1995. It was intended to be customer-based and included a degree of parameterisation for the definition of products, processes and reports, with support for online and off-line links to branches.
Flexcube was launched, initially on Oracle, Unix and Windows NT, as a universal back office offering. The treasury part was a new development and there was some retail functionality added to this. The higher end Flexcube Retail was essentially Finware rebranded and converted from Sybase to Oracle.
because
Flexcube had a smooth entry onto the market, in part existing
Microbanker users were willing pilot
partners, reflecting the supplier’s good track-record. After the rebranding of the company as I-flex, there was a period of steady growth followed by rapid acceleration with regional offices opening across Europe, Asia Pacific and the US, with a resultant marked increase in headcount. An initial flotation on the Indian National Stock Exchange and the Mumbai Stock Exchange came in mid-2002. While Flexcube started to gain takers in Western Europe (some domestic takers as well as international bank branches), Asia Pacific, and the Middle East, its North American efforts mostly came to nothing. However, in 2008 California-based Silicon Valley Bank signed for Flexcube, with the first emphasis being on its Indian and UK operations, supported on a hosted basis by I-flex. In fact,
US Financial Services Technology Market Report |
www.ibsintelligence.com
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