We’re excited to announce that the entire suite of Oracle’s Banking products is now validated on Oracle Cloud Infrastructure. Oracle Cloud Infrastructure is Oracle's Generation 2 cloud platform, designed to provide banks with security (FIPS 140-2 Security Level 3), reliability (disaster recovery, high availability), and powerful capabilities for large and complex deployments. Oracle Cloud Infrastructure also beats industry performance and pricing standards, offering about 50% lower total cost of ownership (TCO) compared to on-premises deployments, and a bring your own license (BYOL) model for all database services. Banks can now run their mission-critical, high-volume, and high-performance core banking solutions on Oracle Cloud.
Oracle FLEXCUBE provides comprehensive functional capabilities across multiple lines of business and banking segments, including retail, corporate, transactions, business/SME, microfinance, Islamic banking, and central banks. It supports new business capabilities, functionalities, regulatory compliance, and country-specific localizations, as well as multiple currencies, languages, entities, channels, devices, and vendor operations. Its more than 1,600 APIs and business services enable banks to open up data and services to third-party firms to drive new ways to collaborate and build revenue streams in the age of Open Banking.
Oracle FLEXCUBE offers the right mix of digital self-service and assisted engagement capabilities, coupled with robust product processing functionalities that enable banks to drive enhanced customer experiences. Enabled by the latest UX and technology—machine learning, natural language processing, and biometrics—Oracle FLEXCUBE gives bankers with new insights, predictions, and capabilities to personalize assisted engagement while automating and streamlining routine processes.
Oracle FLEXCUBE is a shrink-wrapped, preconfigured, interoperable, and scalable core banking solution that enables banks to standardize operations across multiple countries, transform their operations, and address diverse business requirements. The system helps banks drive higher revenues, lower costs, and improve service times and convenience.
Oracle FLEXCUBE on Oracle Cloud Infrastructure is a true game changer. Oracle FLEXCUBE customers benefit not only from rapid deployment (few weeks), but they can also employ exclusive Oracle Cloud products such as Exadata Cloud, Database RAC, and Autonomous Database, designed for unmatched performance, reliability, and autonomous operations. Banks can use Oracle Cloud’s global footprint and validated reference architectures to ensure data sovereignty, disaster recovery, and enhanced availability, improving the user experience tremendously.
Banks will realize an immediate positive impact on their EBITDA by transitioning to a lower-cost, consumption-based operating model. Customers can save money, even while scaling up infrastructure further than on-premises to handle greater business demand, and scaling down infrastructure during quieter periods.
Lastly, Oracle understands the importance of quality support and business continuity for enterprises. Having Oracle applications on Oracle Cloud Infrastructure ensures engineering alignment that’s crucial for quick diagnosis and resolution of all issues—hardware, application, and network—mitigating the risk of business interruptions.
Whereas Flexcube and Oracle banking solutions can be customized based on customer’s needs, a typical Flexcube deployment consists of centralized database layer with redundancy through cross region or Availability Domain replication and application layer consisting of key FSGBU products such as Flexcube UBS, Payments (OBPay), lending (OBCL), Limits & Collateral Management (ELCM) etc.
Oracle Cloud offers opportunity to streamline operations, improve performance, and reduce costs, which enables businesses to focus on winning their business every day. The ease of consumption, immediate improvement in EBITDA, a highly scalable and secure environment that meets stringent regulatory requirements, and single-vendor setup for applications and infrastructure will help companies immensely.
Existing Oracle FLEXCUBE customers should discuss their infrastructure plans and product road map with their Oracle representative to learn about their options for cloud migration. The entire migration process is light touch and takes only a few weeks, which enables customers to realize immediate cost and performance benefits. For detailed technical information about Oracle’s validated solution for Oracle FLEXCUBE on Oracle Cloud Infrastructure, visit our Architecture Center.