Oracle Financial Services Software

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Oracle Financial Services Software Limited pune
Type Public (BSE532466; NSEOFSS)
Industry IT services, IT consulting
Fate Acquired by Oracle
Predecessor(s) i-flex Solutions Limited
Founded 1990
Headquarters Mumbai, India
Key people Chaitanya Kamat (CEO and MD)
Services IT, business consulting and outsourcing services
Revenue INR35.68 billion (US$600 million) (2012)[1]
Employees ~9,682 (March 2012)
Parent Oracle Corporation

Oracle Financial Services Software Limited (formerly called i-flex Solutions Limited BSE532466) 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.[2] Oracle Financial Services Software Limited is ranked No. 9 in IT companies of India and overall ranked No. 253 in Fortune India 500 list in 2011.[3]


Part of Citicorp[edit]

Oracle Financial Software Limited was a part of Citicorp's (now Citigroup) wholly owned subsidiary called Citicorp Overseas Software Ltd (COSL). In 1991, Mr. Ravi Apte carved out a separate company called Citicorp Information Technologies Industries Ltd. (CITIL) out of COSL and named Mr. Rajesh Hukku to head CITIL. 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. COSL was the brain child of Mr. Ravi Apte, who convinced Citicorp, while working for Citibank, to start COSL as the offshore captive.

Many of the executive management of Oracle Financial Services, including Rajesh Hukku, R.Ravisankar and NRK Raman were at COSL and moved to CITIL when it was formed.


CITIL started off with universal banking product 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. In the mid-90s, CITIL developed FLEXCUBE at its Bangalore development center after a significant development effort spanning more than 18 months. After the launch of FLEXCUBE, all of CITIL's transactional banking products were brought under a common brand umbrella.

CITIL changed its name to i-flex solutions to reflect its growing independence from Citicorp and to strengthen its FLEXCUBE brand.[4] The name CITIL also made the prospective client banks hesitant about trusting the company with their data, since the name alluded to a close link with Citibank which could be one of their competitors.

The first version of MicroBanker was created at COSL by Ravi Sankaran who migrated to Australia before CITIL was formed. COSL started selling MicroBanker to non-Citi banks in Africa. Ravi Apte the founder CEO of COSL decided to carve out CITIL to focus on non-Citi business. Because non-Citi was the primary target for MicroBanker, MicroBanker was moved to CITIL. Rajesh Hukku was in the United States managing COSL's business development in North America during the time CITIL was formed. It was Mr. Apte who decided to get Hukku back to India to head the newly formed CITIL.[citation needed] This is previously

Enter Oracle Corporation[edit]

Oracle Financial Services Software – Bagmane Tech Park, Bangalore

In 2006, i-flex became a majority-owned subsidiary of Oracle Corporation. Oracle built its stake through a series of purchases, first buying 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.

On 14 August 2006, i-flex solutions 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.

Following its acquisition by Oracle, i-flex has begun an expansion plan reportedly to capitalize on its owner's brand and financial strength.[citation needed] It has invested to expand capacity at its existing locations in India which is reportedly sufficient to accommodate 17,000 employees compared with over 10000 staff already employed by the company in August 2007.[citation needed]

On 12 January 2007, after an open offer price to minority shareholders, Oracle increased its stake in i-flex to around 83%.[5]

On 4 April 2008, the board of directors of i-flex solutions approved a proposal 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.[6]

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

Products and services[edit]

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[edit]

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 FLEXCUBE Lending and Leasing
  • 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

  • Oracle Financial Services Analytical CRM Advanced
  • Oracle Financial Services Channel Analytics
  • Oracle Financial Services CRM Analytics

Oracle Financial Services Advanced Analytical Applications Infrastructure Oracle Financial Services Analytical Applications for Enterprise Risk Management

  • Oracle Reveleus Internal Capital Adequacy Assessment Process
  • Oracle Financial Services Basel II
  • Oracle Financial Services Operational Risk
  • Oracle Financial Services Market Risk
  • Oracle Financial Services Credit Risk
  • Oracle Financial Services Liquidity Risk
  • Oracle Financial Services Corporate Credit Risk
  • Oracle Financial Services Model Risk Management

Oracle Financial Services Analytical Applications for Financial Crime and Compliance Management

  • Oracle Financial Services Fraud
  • Oracle Financial Services Energy and Commodity Trading Compliance
  • Oracle Financial Services Anti Money Laundering
  • Oracle Financial Services Broker Compliance
  • Oracle Financial Services Trading Compliance
  • Oracle Financial Services Know Your Customer
  • Oracle Financial Services Regulatory Reporting System

Oracle Financial Services Analytical Applications for Enterprise Performance Management Oracle Financial Services Data Warehouse

Services offerings[edit]

  • Oracle Financial Services
  • Oracle Financial Services Support
  • Oracle Financial Services BPO
  • Oracle (OFSS) ASP Private Limited
  • Oracle Financial Services University
  • Oracle Financial Services AIM
  • Oracle Partner Network
  • Primesourcing
  • PRSG

Offices and presence[edit]

Asia Pacific[edit]

Europe Middle East and Africa[edit]

South America[edit]

North America[edit]

The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California.

See also[edit]