Oracle Financial Services Software

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Oracle Financial Services Software Limited
Public (BSE532466; NSEOFSS)
Industry IT services, IT consulting
Founded 1990
Headquarters Mumbai, India
Key people

Derek Williams, Harinderjit Singh, Richard Jackson, Robert K. Weiler, S Venkatachalam, Chet Kamat, Samantha Wellington

William Corey West (Directors)[1]
Services IT, business consulting and outsourcing services
Revenue 35.68 billion (US$550 million) (2012)[2]
Number of employees
8,818 (March 2017)[3]
Parent Oracle Corporation

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]


Part of Citicorp (I-Flex Solutions)[edit]

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[edit]

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[edit]

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[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 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

  • 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 Foreign Account Tax Compliance Act (FATCA)

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]