Wells Fargo and other progress


Around the same time, good news came from Wells Fargo, which signed a notable multi-site deal for Flexcube to support its corporate and commercial banking business worldwide. By Autumn 2013 the system had been implemented in Canada, albeit still some time away from when customers would use it, according to Judd Holroyde, SVP and head of global product management at Wells Fargo. At that stage, the next group of countries for implementation had not been decided. The project was instead focused on building interfaces between Flexcube and the home-grown systems at the bank. The first two products to be offered on the system, which was being built in the US, would be commercial lending and in-market treasury management. The idea was that the bank would be able to offer the same commercial banking services outside the US as inside.


Recent Activity


JMR Infotech has completed an implementation of Oracle FSS’ Flexcube universal banking system at Libya’s Aman Bank. The bank has replaced its ‘home-grown’ legacy system after an initial selection of the Oracle platform in 2012. About 50% of the 154 new universal banking system


sales made in 2015 remained with the top three players. The leadership position was retained by Temenos (34), followed by Oracle (28) and Infosys (16). In sharp contrast, Oracle seems to have consolidated its position in Asia, with 18 deals in this region. There was considerable success for the supplier in the


User list Flexcube


Example users:


Bank of East Asia Federal Home Loan Bank of New York GE Capital Consumer Finance International Monetary Fund Lloyds Banking Group North Carolina Department of State Treasurer Novagalicia Banco Silicon Valley Bank Société Générale United Bank for Africa Vakifbank Wells Fargo


US Financial Services Technology Market Report | www.ibsintelligence.com 109


As the Wells Fargo deal showed, there is still plenty of life within Flexcube, despite some diversion of resources to OBP (the three year development of the new system ahead of the launch had involved a team of, at times, 500 staff, many of which were Flexcube resources). The traditional flagship system has not gained Oracle the breakthrough into tier one and tier two domestic operations, something that OBP is intended to address. However, Flexcube still sells in reasonable numbers around the globe, albeit with the US continuing to disappoint. US-based Keybank has been implementing Oracle’s new


solution, Oracle Banking Platform (OBP), since 2014 autumn. The US bank is a rare taker of the platform, which has so far enjoyed limited success (only in Australia albeit with the local heavyweights, namely Suncorp and National Australia Bank). The scope of the Keybank project is different to that of the Australian banks, which are applying OBP for major core banking software renovation.


Islamic space, with two sales each in Africa and Asia. 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, has chosen the Flexcube core banking system from Oracle FSS. In November 2016, Oracle announced that it had signed


an agreement to acquire Dyn, a leading DNS provider that monitors,


controls and optimizes cloud based Internet


performance. The acquisition will extend Oracle’s cloud computing platform and provide enterprise customers with a one stop shop for Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS).


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