Oracle Financial Services has sold a number of solutions to financial institutions from across Europe, Middle East & Africa (EMEA). New wins for EMEA from the quarter include:
- Imperial Bank, Kenya has selected the Oracle Reveleus and Mantas solutions to strengthen corporate governance, risk and compliance mechanisms. As part of its growth strategy, the board of Imperial Bank is committed to increasing customer confidence and complying with the regulatory requirements set by the Central Bank of Kenya. With the implementation of the Reveleus Basel II solution, the bank will have a standardised set of analytical processes in place designed to improve risk and asset management across the business, as well as compliance with Basel II. With the Mantas Anti-Money Laundering and Fraud Detection, the bank will be able to control internal and external fraud through greater detection, investigation and reporting, as well as improving overall transparency of financial activity.
- The National Microfinance Bank (NMB), Tanzania’s largest bank ranked by customer base and branch network, chose Oracle Flexcube as its centralised banking operations platform. The solution’s Universal Banking and Direct Banking will enable the bank to achieve optimal operational effectiveness, launch innovative products and services, and provide superior customer service and delivery channels through enhanced, standardised processes and centralised controls. NMB also aims to provide a full range of financial services to rural communities and those on the edges of urban areas in Tanzania. The vendor also says that the bank will be able to offer decentralised branch operations where there are potential connectivity issues.
- UAE Central Bank will implement Flexcube in place of its existing systems to keep pace with its rapidly changing operational priorities, improve banking efficiency in the Emirates and provide greater insight into the constantly changing complexion of assets and liabilities of banks in the country. The bank chose the solution as a first step towards providing improved and enhanced services to commercial banks and other financial institutions in the UAE.
- A universal banking service providers, Union Bank, Jordan selected the Flexcube Core Banking and Direct Banking as its new IT platform to transform its business operations and improve efficiency. With the solution, the bank was able to automate its daily transactions, provide internet and phone banking services, improve the response time to customer requests and gain a 360-degree view of the customer to provide a better overall customer experience. Union Bank also deployed Reveleus for Market, Retail and Corporate Credit Risk to improve the bank’s capital management and strategic planning; analyse, evaluate and mitigate market risk factors; and comply with Basel II risk requirements.
Go-live customers for the EMEA region include:
- Egyptian Housing Finance Company (EHFC), Egypt’s first private sector mortgage provider and 100% subsidiary of Credit Agricole, has become the first African customer to go live with Flexcube Lending and Leasing. Oracle says that EHFC is now able to rapidly respond to constantly changing market conditions and has a strategic advantage over its competitors.
- Bank Respublika in Azerbaijan went live with Flexcube Universal Banking, including Retail Banking, Direct Banking, Corporate Banking and Loan Origination. The implementation gives the bank increased functionality to optimise its processes and resources, to allow greater operational control and quality of service. Bank Respublika hopes to now be able to rapidly adapt to the dynamic market environment, bring new products and services to market with greater efficiency, improve its risk management practices and optimise business performance.