Oracle Flexcube core banking system live at Invest Banca
The solution has been tailored for the Italian market by Cabel Holding, an IT service provider for the financial services market in Italy.
Cabel and Oracle FSS have been working together for the past two years to localise the Flexcube platform. It is available as an onsite deployment or on a hosted basis.
“This is a radically innovative solution, because it is a technology that facilitates the creation of lean products and services that are independent and based on completely different and more modern logic than traditional core banking systems in Italy,” explains Francesco Bosio, president of Cabel.
Invest Banca has recently gone live with the new system. According to Stefano Sardelli, the bank’s MD, it enables the bank “to easily and efficiently integrate with a series of specialised solutions already in use by its retail and institutional clients”.
Furthermore, it allows the bank “to keep apace with ever more demanding banking regulations, such as MiFID, PSD2 and GDPR”, Sardelli adds, as well as facilitates innovations around robo-advisory, artificial intelligence (AI), data science, social trading and blockchain.
“The attitude of the banking system towards innovation is changing and at the same time there is a growing interest in the world of fintech,” he says.
“Invest Banca, thanks to the Oracle Flexcube solution, has taken a decisive step forward.”
It is worth noting that there are earlier takers of Flexcube in Italy. Mediobanca, an Italian merchant and investment bank, signed for Flexcube a decade ago.
Also, the International Fund for Agricultural Development (IFAD), which has its HQ in Rome, took the system seven years ago. IFAD is an international financial institution and a specialised agency of the United Nations (UN) dedicated to eradicating poverty and hunger in rural areas of developing countries.
Natixis, a French corporate and investment bank, runs its international operations on Flexcube, including in Italy.