Oracle Financial Services Software Ltd

History of Oracle Financial Services Software Ltd

Oracle Financial Services Software Limited was erstwhile incorporated in September 27, 1989 as 'Citicorp Information Technology Industries Limited'. The Company changed its name from Citicorp Information Technology Industries Limited to 'I-flex solutions Limited' on 11 February, 2000 and thereafter, changed the name from I-flex solutions Limited to 'Oracle Financial Services Software Limited' on August 14, 2008. Company is a global leader in providing financial technology solutions for the Financial Services Industry. It works in two business segments: products business and Finergy, the services business. The products business is the principal business segment. Company provide a comprehensive suite of IT solutions delivering a compelling digital experience and engagement to financial institutions of varying business focus, geographic spread, and scale. Finergy is the services business segment. It is comprised of consulting services and Business Process Outsourcing (BPO) services to the financial services industry. Oracle Financial Services Analytics suite is consistently ranked highly at the top of the charts by the industry analysts. The Company addresses the entire financial services space through a comprehensive portfolio of products, IT services, consulting and knowledge process outsourcing services. With the experience of delivering value-based IT solutions to over 810 financial institutions across 130 countries. OFSSL has 14 development centers across India, Sing ...apore and the USA. The Company also has strong alliance and/or implementation relationships with industry leaders such as Hewlett-Packard, IBM, Sun Microsystems and Intel. Citicorp Information Technology Industries Limited (CITIL), spun off from COSL (Citicorp Overseas Software Limited), commenced their first year of operations in year 1992. In 1995, CITIL gained recognition for establishing world-class processes and quality Standards, It attained SEI CMM Level 4, becomes the first financial software firm in the world and one out of six companies worldwide to achieved this distinction at that time. CITIL established the Center of Excellence during the year 1996 for business intelligence to provide specialized consulting and software products, as well as services in data warehousing and business intelligence. A complete banking product suite for retail, consumer, corporate, investment and internet banking, consumer lending, asset management and investor servicing, including payments (SWIFTNet and SEPA) was launched in the year 1997 under the name of FLEXCUBE. MicroBanker becomes the 6th international banking product in the world to be used by 100 customers in 1998 and the FLEXCUBE starts gaining traction and international leadership. During the year 1999, FLEXCUBE Information Center, a Web-enabled business intelligence system was launched along with a Center of Excellence for CRM and the Java Center for financial services also established. CITIL was renamed as i-flex solutions limited in the year 2000. During the same year 2000, Center of Excellence for e-services launched Separate business unit established to address the Applications Services Provider (ASP) market. i-fl ex solutions b.v., a 100 percent subsidiary of the company opened in Amsterdam, The Netherlands. The company's financial software development facilities were established in the year 2001 at Pune and Chennai and fully owned subsidiaries set up in USA and Singapore, i-flex solutions b.v. in Amsterdam, The Netherlands, becomes operational, i-fl ex Consulting was launched. EBZ Online, a software company was joined with the company during the year 2002 through which i-flex's product, Flexcube, for made available to cooperative banks. Dotex International, a joint venture company supported by NSE.IT and i-flex Solutions Ltd, signed a memorandum of understanding (MoU) with BgSE Financials Ltd, a subsidiary of the Bangalore Stock Exchange, to give Internet trading service to the members of the exchange. The Company entered into capital market with Initial Public Offering (IPO) of an issue of 3,961,700 equity shares. I-flex opened its first Overseas Software Development Center in Singapore in the year 2002. In the year 2003, the company's flagship product FLEXCUBE ranked the world's No.1 selling Universal Banking Solution and during the same year 2003, I-flex sets up development centre in New York, Wins a major order from HypoVereinsbank Group (HVB Group), Germany, Inaugurated FLEXCUBE Support & Prime Sourcing Solutions Centre in London and acquisition of Super Solutions Corporation in all cash deal of .5 million was made. Waters Magazine ranked Mantas as the Best Anti-Money Laundering Solution and Best Compliance Solution for 2003. Waters Magazine ranked Mantas as the Best Anti-Money Laundering Solution for 2003 and also for 2004. During the year 2004, i-flex opened its wholly owned holding company in US, namely i-flex America, for carrying out all future acquisitions in the USA. The Golden Peacock National Quality Award was awarded to the company. i-flex Solutions ties up with Barbados-based first Caribbean International for internet banking and e-finance platform of i-flex Solutions. The core banking solution Flexcube had won The Banker Core Banking Solution of the Year and Application of the Year'' awards. The Company and YES Bank has signed Global Strategic Memorandum to collaborate on technology led innovations to enhance quality and efficiency in banking products and delivery processes. i-flex joined hands with People Soft to develop and market an integrated solution for the banking industry. The company entered into strategic alliance with Castek Software Inc., a Toronto based provider of insurance systems for the global Property & Casualty (P&C) in the year 2005. The decade-old relationship between Oracle and i-flex was further strengthened in 2005 at a strategic level. In August 2005, Oracle Corporation bought Citigroup's 41 percent equity interest in i-flex and floated an open offer to purchase up to an additional 20 percent ownership from existing shareholders. i-flex assessed at CMMi Level 5 also certified BS 7799 compliant. BS 7799 is security standards and policies addressing information security. In the same year i-flex and EDB Business Partner ASA had entered into an agreement to jointly offer comprehensive retail banking solutions to financial institutions in the Nordic region. Reveleus was positioned in Gartner's 'Leaders Quadrant' in its 'Basel II Risk Management Application Software Magic Quadrant for 2005' and '2006 Basel II Software Applications Magic Quadrant'. Reveleus was also 'Highly Commended' for its Compliance Initiative Innovation in The Banker Technology Awards for 2006. The Black Book of Outsourcing, ranked i-flex BPO as the top outsourcing vendor to the Mortgage Banking Industry in 2006. The FLEXCUBE 10.0 was released in 2007, it helps financial institutions respond faster to market dynamics and define and track processes, while ensuring compliance. The suite also equipped with SWIFT 2007 enhancements and supports SEPA payment processing. New Version of FLEXCUBE Core Banking for IBM System z active from April 2008. On 17 February 2009, Solix Technologies, the leading provider of enterprise data management solutions used by large enterprise customers to manage business critical data, announced a global partner agreement with Oracle Financial Services Software Limited, a majority owned subsidiary of Oracle Corporation. Based on the agreement, Oracle Financial Services Software will offer Solix EDMS as embedded functionality in Oracle FLEXCUBE to help automate archive and purge processes by classifying data, configuring and executing archiving and data migration routines. This will help ensure that data remains secure giving Oracle FLEXCUBE customer's greater control over enterprise data. Moreover, Oracle FLEXCUBE would be enabled to ensure that data can be restored quickly and accurately as and when required. This coupled with the ability to retain real-time historical data is expected to deliver added value to Oracle FLEXCUBE customers, helping them comply with legal and regulatory requirements. The Board of Directors of Oracle Financial Services Software Ltd at its meeting held on 15 May 2009 approved the acquisition of balance 10% equity capital of Oracle Financial Services Software S.A., thereby making it a wholly owned subsidiary of the company. On 30 June 2009, Oracle Financial Services Software announced that PRASAC Microfinance Institution (PRASAC) has selected Oracle FLEXCUBE Universal Banking as its core banking solution. On the same day, the company announced that National Bank of Cambodia has selected Oracle FLEXCUBE as the banking platform for its operations. On 15 April 2010, Oracle Financial Services Software announced that it has opened a new local delivery centre in Chile to support Industry-Leading Financial Services Software and Solutions. On 19 July 2010, Oracle Financial Services Software announced that ABC Banking Corporation Mauritius, formerly known as ABC Finance & Leasing Ltd (ABCFL), has selected Oracle FLEXCIJBE Universal Banking and the Oracle FLEXGUBE Direct Banking to consolidate its leasing business and establish a full service bank. On 3 February 2011, Oracle Financial Services Software Limited (OFSSL) informed the stock exchanges that Allied Irish Banks plc (AIB), a customer in Ireland, filed a lawsuit in the Irish High Court against Oracle Financial Services Software Limited, and one of its subsidiaries, claiming damages of upwards of Euro 84 million. The AIB claim alleges breach of contract, misrepresentation and negligence. All of the allegations being raised by AIB are being rigorously defended by the Company, and the Company will also be counter-claiming against AIB for breach of contract and outstanding fees. On 14 April 2011, Oracle Financial Services Software Limited (OFSSL) announced that Helm Bank, a Colombian private financial institution, has selected Oracle software and hardware to run its core banking, customer-facing services and marketing functions. On 26 April 2011, Oracle Financial Services Software Limited (OFSSL) announced that Cadiz Asset Management (CAM), a wholly owned subsidiary of Cadiz Holdings (Cadiz), has selected Oracle FLEXCUBE Investor Servicing (FLEXCUBE) to support the in-sourcing of its retail client administration activities. Cadiz is a leading specialist financial services group offering investment services in the South African market through two business units, Cadiz Securities and Cadiz Asset Management. On 15 July 2011, Oracle Financial Services Software Limited (OFSSL) announced that Amana Bank in The United Republic of Tanzania, has selected Oracle FLEXCUBE Universal Banking and Oracle FLEXCUBE Direct Banking to develop its core transaction processing system and internet banking capabilities. On 28 July 2011, Oracle Financial Services Software Limited (OFSSL) announced that Bank Muanialat, the primary Islamic Bank in Indonesia, has selected Oracle FLEXCUBE Universal Banking to streamline its core business processes ensuring productivity and agile business practice for Shariah Banking On 7 February 2012, Oracle Financial Services Software Limited (OFSSL) announced the launch of Oracle FLEXCUBE Multi-Channel Solution on Direct and Mobile Channels for the financial services industry. On 28 June 2012, Oracle Financial Services Software Limited (OFSSL) announced the launch of the latest version of the Oracle FLEXCUBE banking platform Oracle FLEXCUBE 12.0 to help banks meet the needs of Gen Y customers. On 30 April 2013, Oracle Financial Services Software Limited (OFSSL) announced that Mashreq Bank, one of UAE's leading financial institutions, has successfully replaced over 40 legacy systems with Oracle FLEXCUBE Universal Banking and Oracle FLEXCUBE Direct Banking solutions across Qatar, UAE, Kuwait and Bahrain, with Egypt soon to follow. On 22 May 2013, the company's promoter, Oracle Global (Mauritius) Ltd successfully completed Offer for Sale (OFS) through the Stock Exchange Mechanism which resulted in dilution of stake in the company by the company's promoter. After the OFS, the present shareholding of the Company's Promoter, Oracle Global (Mauritius) Ltd is 75% and the Company is in compliance with the SEBI Guidelines including Clause 40A of the Listing Agreement on Minimum Public Shareholding. On 17 July 2013, Oracle Financial Services Software Limited (OFSSL) announced that Bank Muamalat, the primary Islamic Bank in Indonesia, successfully implemented Oracle FLEXCUBE Universal Banking to streamline its core business processes ensuring productivity and agile Shariah Banking practices. On 31 October 2013, Oracle Financial Services Software Limited (OFSSL) announced new Oracle FLEXCUBE capabilities that help financial institutions to support regulatory compliance, offer richer and more personalized customer experiences, improve performance and streamline their IT environments. The Board of Directors of Oracle Financial Services Software Limited (OFSSL) at its meeting held on 10 November 2017, acquired 99.99% shareholding of Mantas India Private Limited, a step down subsidiary of the Company, from Sotas Inc., another step down subsidiary of the Company. On May 9, 2019, Board of Directors of the Company approved restructuring of ownership of its Indian step down subsidiaries for acquiring majority stake in Mantas India Private Limited and Oracle (OFSS) BPO Services Limited. During the year 2023, the Company launched Oracle Banking Cloud Services, that provides banks renovate and modernize their business capabilities faster and with less risk. During the year ended March 31, 2023, the Company acquired 99.82% of equity shares of Oracle (OFSS) BPO Services Limited in step-down subsidiary of the Company. Subsequent to the acquisition, Oracle (OFSS) BPO Services Limited became a direct subsidiary of the Company. In 2024, leading global banks launched programs to revamp their global payment technologies across over 50 countries on IT solutions. The Company won a landmark deal with The Navy Federal Credit Union, USA to modernize their retail systems on their Oracle Banking Cloud offering. Number of other customers across Asia, Europe and Americas began or expanded their journey with these solutions. The Company expanded the cloud services portfolio for the banking industry with the launch of Oracle Banking Retail Lending Servicing Cloud Service, Oracle Banking Collections Cloud Service, Oracle Banking Cash Management Cloud Service, Oracle Banking Supply Chain Management Cloud Service, and Oracle Banking Trade Finance Cloud Service in FY 2025.