Other applications


For risk, I-flex had its own risk management data warehouse, 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. In early 2007, the Reveleus Governance, Risk and Compliance (GRC) framework was unveiled. This framework surrounded both the Oracle Reveleus and Mantas risk and compliance ‘point’ solutions, providing an end-to-end GRC solution. It also included a component for operational risk after I-flex bought the rights to Capco’s Operational Risk Tool Suite, Ortos. This was reworked and brought into the Reveleus business, with completion claimed by April 2007. Singapore-based DBS Bank had gone live with it in late 2006; Interbank in Peru signed at around this time.


With the arrival of Oracle came other potentially relevant applications. In March 2007, Oracle bought business intelligence specialist and notable SAP partner, Hyperion. Hyperion’s BI tools overlapped with those of Oracle, whose BI Enterprise Edition was formed from the BI toolkit of Siebel. However, from the perspective of Reveleus, Hyperion’s Essbase cube technology had been embedded in the offering since the outset. The acquisition of Hyperion, ‘validates a significant part of the architecture’, said S Ramakrishnan, CEO of Reveleus.


The various Oracle risk solutions are now bundled as the


Oracle Financial Services Analytical Applications – OFSAA. I-flex had acquired Mantas, US-based AML and compliance


software vendor, in 2007. Products included the Mantas Behavior Detection Platform and Mantas One, an AML and fraud detection product and services offering. This technology was seen by I-flex as complementary to its Reveleus Risk Analytics product suite. The intention was to continue to


Setbacks


While the track-record of I-flex/Oracle FSS over the years has been relatively good, it has had some setbacks. In mid-2007, Sweden-based Landshypotek, which specialises in agricultural mortgages, gave up after two years of trying to implement the system and went back out to tender. The problems started when the first delivery was made available to the bank. ‘We didn’t see the quality in the software that we were expecting,’ said Landshypotek CIO, Henrik Lundin. After what he described as, ‘an extensive preliminary acceptance testing process’, the bank found the system was not up to its standards. ‘Of course you’re bound to find errors, but we had performance problems which we hadn’t anticipated and quality problems that we were surprised with.’


306


Quality seemed to be the main reason behind the bank’s decision to scrap the system. ‘When we received another large handover for testing, we saw the same type of issues even though we had informed WM-data [the integration partner] of the great significance,’ explained Lundin. ‘There were a lot of discussions about what to do, but from Landshypotek’s point of view, eventually we didn’t see the possibility to wait for the system.’ Oracle FSS rejected the allegations and there was something of a public spat between the two. There was also a less than happy outcome in the Nordic


region at outsource provider, EDB (now Evry). It entered into an agreement to jointly offer Flexcube as a Unix-based package


Universal Banking Systems Market Report | www.ibsintelligence.com


operate Mantas as a wholly-owned subsidiary, although Ramakrishnan did not rule out the adoption of Mantas’ technologies. The aim behind the acquisition included the extension of the functionality of the Reveleus product range, assisting the push into capital markets. For channels, Oracle FSS has Flexcube Direct Banking,


which looked a step up from previous channel offerings. This is reflected in relatively good take-up of the solution as a product in its own right, in front of a range of third party core banking systems at different sites around the world. Capabilities include spend analysis, alerts, and notifications, with integration with Oracle’s ATG Web Commerce to allow banks to configure rule-based offers that are personalised to a customer’s profile. Relationship managers are meant to be able to map a 360-degree enterprise-wide view of a customer’s relationship with the institution’s offerings to optimise service, as well as identify upsell and cross-sell opportunities. The aforementioned Flexcube Development Workbench


for Direct and Mobile Banking is described as an ‘extensible ecosystem’ that is intuitive, capable of addressing business changes, and flexible, to allow banks to use internet and mobile channels as effective sales outlets. Oracle monitors different regions globally to identify and


respond to changes in terms of regulation, customer demand, innovative banking products and services as well as advances in technology with potential to disrupt the banking industry. Over the years Oracle has invested in geography specific requirements including changes to banking regulations (SEPA, PSD2, GDPR, IFRS, and FATCA etc.), certification with SWIFT, and Audit of Oracle’s Islamic banking offerings by the AAOIFI.


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