Oracle E-Business Suite® Release 12 Secures Federal Systems Integration Office (FSIO) Certification for Core Financial Systems
Redwood Shores, CA – March 3, 2009
The Financial Systems Integration Office (FSIO) has officially certified Oracle E-Business Suite® Release 12. After a thorough review and analysis of release notes, responses to FSIO questions, product documentation and the results of two demonstrations, FSIO has determined that the Oracle E-Business Suite Release 12 satisfies the FSIO Core Financial System Requirements.
To meet FSIO requirements, core financials systems must meet a series of technical criteria demonstrating their ability to help federal government agencies in three key areas:
Accountability – By providing accurate information needed to inform taxpayers, Congress and agency personnel how the agency spends tax dollars and protects federal assets
Efficiency, economy and effectiveness – By supporting delivery of efficient, economical and effective services to the agency’s internal and external customers
Decision making – By providing Congress, agency heads and program managers with timely reports linking financial results and program data so that policy and program decisions can be accurately identified, tracked and forecasted
Oracle first passed the federal Financial Management Systems Software (FMSS) certification test in 1996. Since that time, Oracle has continually reinforced its longstanding commitment to the federal financial management user community by retaining full federal compliance for its financial management applications and maintaining Core Financial System Requirements certification. More than 100 federal government organizations run Oracle Applications.
FSIO, formerly known as the Joint Financial Management Improvement Program (JFMIP), resides within the General Services Administration (GSA) and works in cooperation with other federal organizations – including the Department of Treasury, the Office of Management and Budget (OMB), and the Chief Financial Officer (CFO) Council. FSIO employs a rigorous testing methodology to ensure that federal agencies maintain the highest standards for core financial systems in order to improve federal financial management as well as increase accounting and budget forecasting accuracy.
New Enhancement Details of Oracle E-Business Suite Release 12
Several new features in Oracle E-Business Suite Release 12 provide best practices to help federal agencies more effectively manage their financial systems, including:
Subledger Accounting – Provides a centralized repository of accounting rules and a flexible rules-based engine to generate accounting entries based on transaction attributes. This feature also helps streamline reconciliation and reporting, and allows users to drill down to accounting entries (both budgetary and proprietary).
Multi-Organizational Access Control – Features enhancements that provide users with the ability to enter transactions, produce reports and execute queries in one or more operating units without changing application responsibility.
Oracle Payments – Minimizes the effort required to produce valid, properly formatted payment files by delivering a new formatting solution based on standard XML technology. This feature allows users to leverage payment formats templates created in Oracle XML Publisher and offers a rich library of payment formats that support various types of file formats required in a federal environment.
“Oracle E-Business Suite Release 12 enables agencies to make better decisions and manage business systems effectively to improve productivity and lower costs. The certification of Oracle E-Business Suite Release 12 reinforces Oracle’s commitment to enable government agencies to control costs and meet budget challenges with increased oversight,” said Mark Johnson, senior vice president, Oracle Public Sector.