Derek Williams, Harinderjit Singh, Richard Jackson, Robert K. Weiler, S Venkatachalam, Chet Kamat, Samantha Wellington
William Corey West (Directors)[1]
Oracle Financial Services Software Limited(ofss) is a subsidiary of Oracle Corporation. It is an IT solution provider to the banking industry. It claims to have more than 900 customers in over 145 countries.[4] Oracle Financial Services Software Limited is ranked[clarification needed] No. 9 in IT companies of India and overall ranked No. 253 in Fortune India 500 list in 2011.[5]
History
Part of Citicorp (I-Flex Solutions)
There was a company of CITIBANK in 1990 named as CitiCorp Oversea Software Ltd., (later known as i-flex in world market). Over a period of time, another(?) company was merged into it and new company was started named as Citicorp Information Technologies Industries Ltd was formed. (CITIL) out of COSL and named Mr. Rajesh Hukku to head CITIL[citation needed]. While COSL's mandate was to serve Citicorp's internal needs globally and be a cost center, CITIL's mandate was to be profitable by serving not only Citicorp but the whole global financial software market. Largely known as i-flex and then eventually renamed to Oracle Financial Services Software
Early history
CITIL was started with universal banking product named as MicroBanker (which became successful in some English speaking parts of Africa and other developing regions over the next 3–4 years) and the retail banking product Finware[citation needed]. In the mid-90s, CITIL developed FLEXCUBE at its Bangalore GDC ( Global Development Centre ). After the launch of FLEXCUBE, all of CITIL's transnational banking products were brought under a common brand umbrella. Subsequently, company's name was changed to i-flex Solutions India Ltd.,
Oracle Corporation
Oracle Financial Services Software – Bagmane Tech Park, Bangalore
Oracle purchased Citigroup's 41% stake in i-flex solutions for US$593 million in August 2005, a further 7.52% in March and April 2006, and 3.2 per cent in an open-market purchase in mid-April 2006[citation needed].
On 14 August 2006, oracle financial services announced it would acquire Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million. The company part-funded the transaction through a preferential share allotment to majority shareholder Oracle Corporation.
On 12 January 2007, after an open offer price to minority shareholders, Oracle increased its stake in i-flex to around 83%.[6]
On 4 April 2008, Oracle told i-flex solutions to change the name of the company to Oracle Financial Services Limited, subject to regulatory and shareholder approvals. A press release issued by the company said that "The proposed new name reflects the company's close strategic and operational alignment with its parent, Oracle Corporation, which owns 81 percent of the company." It added that the current management team under N.R.K. Raman, CEO and Managing Director, will continue to run the operations of the company.[7]
On 24 October 2010, Oracle announced the appointment of Chaitanya M Kamat (Chet Kamat) as Managing Director and Chief Executive Officer of Oracle Financial Services Software Limited. Mr. Kamat has also joined the Board of Directors. The outgoing CEO and MD, N.R.K.Raman retired from these posts after 25 distinguished years of service.
Now Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Business Unit (FSGBU) under Mr.Sonny Singh who is the Vice President & Group Head of Oracle FSGBU World Wide.[citation needed]
Products and services
Oracle Financial Services Software Limited has two main streams of business. The products division (formerly called BPD – Banking products Division) and PrimeSourcing. The company's offerings cover retail, corporate and investment banking, funds, cash management, trade, treasury, payments, lending, private wealth management, asset management and business analytics. The company undertook a rebranding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website and various divisions, services and products renamed to reflect the new identity post alignment with Oracle.
Recently, Oracle Financial Services launched products for Internal Capital Adequacy Assessment Process, exposure management, enterprise performance management and energy and commodity trading compliance.
Products Business
Oracle FLEXCUBE Universal Banking Suites
Oracle Banking Platform
Oracle FLEXCUBE Core Banking
Oracle FLEXCUBE Universal Banking
Oracle FLEXCUBE Investor Servicing
Oracle FLEXCUBE Private Banking
Oracle Financial Services Lending and Leasing (successor to Daybreak Lending Suite)
Oracle FLEXCUBE Islamic Banking
Oracle FLEXCUBE Direct Banking- Internet, Mobile, SMS and WAP
Oracle FLEXCUBE Messaging Hub
Oracle FLEXCUBE Remit
Oracle FLEXCUBE Enterprise Limits and Collateral Management
Oracle Financial Services Analytical Applications for Customer Insight
