SOURCE: Oracle Corporation

Oracle Corporation

August 08, 2011 15:16 ET

INVESTBANK Deploys Oracle FLEXCUBE Universal Banking Solution to Enhance Banking Services to Clients and Support Growth

Successful Go-Live Is the First Implementation of the Arabic Language Application in the Middle East

REDWOOD SHORES, CA--(Marketwire - Aug 8, 2011) - Oracle (NASDAQ: ORCL)

News Facts

  • Oracle today announced the successful go-live of Oracle FLEXCUBE Universal Banking Solution at INVESTBANK (previously known as Jordan Investment & Finance Bank).
  • This is the first implementation of the Oracle FLEXCUBE Arabic language application in the Middle East. It runs alongside the English language, and will support the bank's growth while enhancing banking services for its clients.
  • INVESTBANK offers a wide range of personal and business banking services in Jordan. The bank aims to support Jordanian economic innovation and attract foreign investment by using the latest technologies and capacity building.
  • The highly scalable infrastructure of the Oracle FLEXCUBE solution will enable the bank to meet its growth plans in a competitive environment. The flexible product structure and design will allow the bank to quickly deploy new products and services to the market.
  • INVESTBANK required a solution to support its projected growth, not only through taking products and services to market faster, but through ensuring there is a single version of the truth in data right across the bank, regardless of the channel used to access accounts.
  • The customer-centric functionality in Oracle FLEXCUBE will help the bank improve its reach by introducing new products and expanding into new regions at a rapid pace.
  • Since the go-live, INVESTBANK has improved operational efficiency and reduced costs. For example, in-branch Tellers are now able to manage and service clients faster.
  • By providing a single unified solution across the organization, INVESTBANK is able to centralize and standardize its operations in order to offer more advanced multi-channel banking facilities to its clients.
  • The deployment of Oracle FLEXCUBE Universal Banking Solution in Arabic as well as English will allow the bank to reduce staff training times and offer enhanced customer service to users who do not understand English.
  • The contract between INVESTBANK and Oracle was signed on 31 March 2008.

Supporting Quotes

  • Bisher Jardaneh, Chairman, INVESTBANK, said: "We at INVESTBANK always strive to provide the best services to our clients and it is essential that our new core banking system will grow and evolve with us. The application of Oracle FLEXCUBE rectifies the limitations of our past system, which did not provide us some of the functions that we required, and will help us bring new and innovative products to the market. The implementation of Oracle FLEXCUBE in Arabic with English will make the training process easier for the bank. I would like to thank the team for their high efficiency and constructive efforts in the development and implementation of this project."

  • Mustafa Moonim, vice president, Eastern Europe and Middle East, Oracle Corporation, said: "We are excited to see the successful go-live of Oracle FLEXCUBE -- our first in Jordan, and the first of our Arabic language application in the Middle East. We pride ourselves on being able to support the specific needs of our customers, and ensuring we can serve their local requirements is a key aspect of this service. Through using a standardised solution such as Oracle's FLEXCUBE, INVESTBANK will be able to lower its TCO, and tailor the technology to suit its changing needs over time."

Supporting Resources

About Oracle Financial Services Software Limited
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") (Reuters: ORCL.BO & ORCL.NS) is a majority owned subsidiary of Oracle. For more information, visit www.oracle.com/financialservices.

About Oracle
Oracle (NASDAQ: ORCL) is the world's most complete, open, and integrated business software and hardware systems company. For more information about Oracle, visit oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners. FLEXCUBE, Daybreak, Mantas and Reveleus, are trademarks of Oracle Financial Services Software and are registered in several countries. Other names may be trademarks of their respective owners.

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