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Oracle, IBM Align to Give Banks a Range of New Choices
Two of the largest technology providers in banking have decided to join forces in an alliance that promises to give the financial services industry a range of new choices for modernizing banking operations. This alliance also supports the desire of large banks to reduce the number of vendors that it has to deal with.
Oracle and IBM will provide a mix of applications, hardware, and services built around core banking systems from i-flex.
"This alliance reduces the risk for banks so they don't have to go to each of the companies individually if an issue arises," says Aubrey Hawes, director of Core Banking -Industry Strategy and Marketing at Oracle. Oracle contributes front-office banking, performance management, financial applications, and human capital management to the alliance.
i-flex offers its flagship FLEXCUBE product, which has been the No. 1 banking solution for five consecutive years, according to International Banking Systems. i-flex, a majority-owned subsidiary of Oracle, has developed strong working ties with IBM over the years. In addition to professional services, IBM will provide hardware to alliance customers.
"Based on our strong relationship with IBM and the fact that we are part of the Oracle family, this is a logical next step for us," says Sugato Banerjee, manager of Marketing and Alliances for i-flex. "The alliance is going to be a compelling choice for the banking industry."
Hawes says the wide range of software, hardware, and services will help banks modernize in four key areas: front-office applications, core banking and transaction processing, risk compliance and performance management activities, and corporate administration.
"Some of the banks we are working with have large international operations, and they want a single view of the enterprise from the customer, product, and financial accounting perspectives," Hawes says. "The companies are working together around these four initiatives to help those banks transform."
This alliance is successfully delivering on projects such as India's Syndicate Bank and Oberbank in Europe.
For more information on the alliance, read the press release IBM, Oracle, and i-flex to Collaborate on Banking Solutions.
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