Core Banking and Oracle FLEXCUBE

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Financial institutions all over the world have to handle a large customer base daily, be compliant with the current market regulations, and carry out all operations effectively. For this purpose, banks and financial institutions make use of Core Banking Systems. This blog will give a brief overview of Oracle’s Core Banking System – FLEXCUBE.

 

What are Core Banking Systems? 

Core Banking Systems are the back-end services that connect various branches of the bank and perform day-to-day activities like account opening and maintenance, loan management, money withdrawal, handling deposits, managing customer relationships, calculating interest, and processing transaction. And at the end of the day, based on the transaction processing the general ledger, financial records, and reporting tools are updated, respectively. This systematic way of approach, help banks to carry out thousands of transactions daily and keep an accurate record of them. 

Core Banking Systems can be hosted on either of the platforms like on-premises or Cloud. The on-premises core banking solution has a local privately owned infrastructure. Whereas in Cloud-based core banking solutions vendors can lease the data center resources. 

Core banking systems are highly in demand in the market as they have proven to be an efficient solution for banks to handle large customer bases and perform complex operations. As per Gartner reports a few of the dominant core banking systems are Flexcube by Oracle, Finacle Digital Banking Suite by EdgeVerve (Infosys), Temenos Transact by Temenos, TCS BaNCS by Tata Consultancy Services, etc. 

 

What is Oracle FLEXCUBE? 

Oracle Flexcube is a real-time banking system solution that supports retail, corporate, and investment banking with conventional and Islamic banking capabilities. Oracle Flexcube is a core banking system that has now become a comprehensive universal banking solution for banks and financial institutions. Oracle Flexcube is used by more than 600 financial institutions across 140 countries around the globe. Flexcube helps financial institutions like banks, insurance agencies, etc. by providing customer-centric innovative solutions.

 

Journey of Oracle FLEXCUBE: 

Oracle Flexcube has undergone many changes over the years. Being an application running on-prem Exadata servers, Oracle Flexcube is capable of being deployed on Oracle Cloud. The product has also undergone many core architectural changes. Technological innovations and enhancements to the core functionality have made Oracle Flexcube constantly stay compliant with global industry standards making the product more modular, versatile, and global over the years.

As an IT professional, I decided to apply my computer science and development skills to core banking products like Oracle Flexcube. Working with Flexcube allows me to gain skills on the cutting edge, and also be a part of an innovating team in the Fintech domain. Working in Oracle Flexcube increased my knowledge about the current fintech industry and be aware of the latest industry standards which are implemented all over the world in the financial domain.

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