Oracle releases FLEXCUBE Universal Banking 11.0

Oracle Financial Services Software has
announced the release of Oracle FLEXCUBE Universal Banking. This
brings together Oracle's vast experience in supporting banks in
more than 125 countries and with a combined asset base in excess of
$30 trillion. With the help of 2,000 plus Web services, 800 plus
file-based feeds and more than 900 call outs for extensibility,
Oracle FLEXCUBE customers have the flexibility to set up their
operations, based on the unique needs of the business. They can also
benefit from more than 25,000 existing integrations from previous
deployments of the application around the world.

Along with this release, Oracle is also
launching the 'Oracle FLEXCUBE Integration Lab' to provide customers,
with a secure access to an instance of Oracle FLEXCUBE in order to
get a first hand feel of how easy it is to integrate with the
application using existing Web services. Oracle FLEXCUBE Universal
Banking release 11.0 provides complete support for the lending,
leasing and mortgage lifecycle across origination, servicing and
collections. It helps banks improve their reach and generate
fee-based income through better intermediary and broker-aided
distribution of products to target segments.

The new release enables banks to reduce
operational risks, lower costs, and enhance customer service by
taking advantage of centralized, multi-product origination
functionality to provide a uniform customer experience, standardize
processes across the enterprise, and create centers of excellence.
Oracle FLEXCUBE release 11.0 will help to improve operational and
analytical insight for bankers through enhanced business intelligence
support and integration with Oracle Reveleus as well as Oracle Mantas
Know Your Customer, Anti Money Laundering and Fraud.

“Improving reach and generating
fee-based income through enhanced origination and distribution is at
the top of the 2010 agenda for banks,” said Joseph John, Executive
VP-Banking Products, Oracle Financial Services Software. “Oracle
FLEXCUBE Universal Banking release 11.0 marks a significant
milestone, providing unmatched extensibility and integration
capabilities combined with operational support. It builds on our
proven track record and expertise in providing banks with core
banking software solution,” he added.

“The new decade will bring a renewed
spotlight on core banking renovation after a prolonged period of
delaying core projects during the global recession,” stated Karen
Massey, Senior Analyst-Consumer Banking, IDC Financial Insights.
“The focus will be on refreshing the core to support new business
models as financial institutions look to improve profits and increase
efficiency, questioning the tremendous maintenance and integration
costs of legacy core systems. The flexibility of a component-based
approach will be key to core renewal, supporting unique strategies as
FI executives invoke innovation to take a leadership position in the
marketplace,” Massey concluded.