Oracle Financial Services Software

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Oracle Financial Services Software Limited
TypePublic
IndustryIT services, IT consulting
Founded1990; 32 years ago (1990)
HeadquartersMumbai, India
Key people
Harinderjit Singh, Richard Jackson, Shankar Venkatachalam, Chet Kamat, Jane Murphy, Makarand Padalkar, Kimberly Woolley, Sridhar Srinivasan, Vincent Secondo, Grelli, Yong Meng Kau(Board of Directors)[1]
ServicesIT, business consulting and outsourcing services
Revenue5,115 crore (US$680 million) (2021) [2]
Number of employees
8,818 (March 2017)[3]
ParentOracle Corporation
Websiteoracle.com

Oracle Financial Services Software Limited (OFSS) is a subsidiary of Oracle Corporation. It is a retail banking, corporate banking, and insurance technology solutions provider for the banking industry. It also provides risk and compliance management, and performance measurement applications, as well as accounting, business process management, human resources and procurement tools.

The company 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[edit]

Part of Citi corporation (I-Flex Solutions)[edit]

iCorp Oversea Software Ltd. ("COSL") was owned by CITIBANK in 1990 and later went on to be known as I-FLEX in the world market. After some time, it merged with another company, and a new company was formed, namely Citicorp Information Technologies Industries Ltd ("CITIL"). Rajesh Hukku was named to head CITIL[6][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, it was eventually renamed as Oracle Financial Services Software.

Early history[edit]

CITIL was started with a universal banking product named called 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, the firm developed Flexcube (stylized FLEXCUBE) at its Bangalore Centre. After the launch of Flexcube, all of CITIL's transnational banking products were brought under a common brand umbrella. Subsequently, the company's name was changed to I-FLEX Solutions India Ltd.[7]

Oracle Corporation[edit]

Oracle Financial Services Software – Bagmane Tech Park, Bangalore

Oracle purchased Citigroup's 41% stake in I-FLEX solutions[buzzword] for US$593 million in August 2005, a further 7.52% in March and April 2006, and 3.2% 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 the 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%.[8]

On 4 April 2008, Oracle changed the name of the company to Oracle Financial Services Limited.[9]

On 24 October 2010, Oracle announced the appointment of Chaitanya M Kamat as Managing Director and CEO of Oracle Financial Services Software Limited. The outgoing CEO and MD, N.R.K. Raman retired from these posts after 25 years of service.[10]

Now, Oracle Financial Services Software Limited is a major part of Oracle Financial Services Global Business Unit (FSGBU) under Harinderjit (Sonny) Singh who is the Vice President & Group Head of Oracle FSGBU World Wide.[11]

Citibank loan repayment incident[edit]

In August 2020, due to "certain technical limitations" compounded by a OFSS Flexcube user interface described by Matt Levine as "terrifying",[12] Citibank accidentally wired US$900 million to various creditors of Revlon, repaying Revlon's loan in full when they had only intended to make an interest payment and restructure the loan. Some of the recipients voluntarily returned the funds on request, but others refused. Citibank sued to force the creditors to repay the remaining $500 million, but in February 2021, the Southern District Court of New York found in favor of the creditors.[12][13][14]

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 re-branding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle's website. Various divisions, services, and products were 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.

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

Portfolio[edit]

  • In 2002 DotEx International Joint Venture NSE.IT and i-flex solutions Ltd signed a memorandum of understanding (MoU) with BgSE Financials Ltd, to provide Internet trading services.[15]
  • Opens its first Overseas Software Development Center in Singapore.

See also[edit]

References[edit]

  1. ^ https://www.oracle.com/industries/financial-services/ofss/governance/
  2. ^ "Money Control - Oracle Financial Services Software".
  3. ^ http://www.oracle.com/us/industries/financial-services/ofss-q4fy17-pr-3718561.pdf
  4. ^ "Oracle Financial Software Limited website".
  5. ^ "Fortune India 500 complete list" (PDF). Fortune Indis. Archived from the original (PDF) on 3 January 2012. Retrieved 18 December 2011.
  6. ^ "Rajesh Hukku to exit Oracle Fin Services". The Economic Times. 16 July 2009.
  7. ^ "About".
  8. ^ Oracle stake in i-flex rises to 53% after revised offer, The Economic Times (21 January 2007)
  9. ^ "Archived copy". Archived from the original on 13 May 2008. Retrieved 23 January 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ "Oracle Names Chet Kamat Managing Director and CEO of Oracle Financial Services Software Limited as N.R.K. Raman Retires". bobsguide. 26 October 2010. Retrieved 24 September 2020.
  11. ^ "Oracle Financial Services Board of Directors". Retrieved 1 April 2019.
  12. ^ a b "Citi Can't Have Its $900 Million Back". Bloomberg.com. 17 February 2021. Retrieved 13 April 2021.
  13. ^ "Citibank just got a $500 million lesson in the importance of UI design". Ars Technica. 18 February 2021. Archived from the original on 17 February 2021.
  14. ^ Stempel, Jonathan (3 March 2021). "Citigroup seeks longer Revlon fund freeze during appeal over botched payment". Reuters. Retrieved 4 March 2021.
  15. ^ "History of Oracle Financial Services Software Ltd., Company". Goodreturn. Retrieved 22 September 2020.