Oracle FS has released its latest quarterly results. The company has also revealed the new takers of its Flexcube core banking system, which is a flagship service that the company offers.

Oracle Flexcube announces new takes for core banking system

Oracle FS is a banking technology vendor whose service has received notable adoption. According to the vendor, it has signed license fees of $27.5 million during the recent quarter. The company boasts customers from 19 countries.

One of the countries where the services of the vendor have been adopted in India. India is the home of Flexcube, and banking institutions are already using the vendor. Aavas Financiers, an institution specializing in housing loans for the country’s underserved population, has already adopted Flexcube to streamline its services.

Institutions in Cambodia are also adopting Flexcube. Wing Bank, a banking institution in Cambodia, has signed up for Oracle core and branch solutions. Wing Bank is an institution that was launched in 2008. The bank is among the pioneers of mobile financial services in the country.

Wing Bank’s services have evolved significantly over the years. The institution currently provides access to retail and corporate banking services such as deposits, loans, micro-savings, money transfers, credit referral services, insurance payments, phone top-ups, supply chain payments, and payroll services.

The other financial institution that has also adopted the services offered by the banking tech vendor is Prasac. The latter is the largest microfinance institution in Cambodia. Prasac adopted Flexcube’s core to cater to a wide range of services, including corporate lending, banking payments, treasury management, and trade finance. The other solutions provided by Prasac include Oracle Banking Enterprise Limits and Collateral Management solutions.

Oracle FS also secured a deal with a client based in the US. The vendor is believed to be working with T-Mobile, one of the largest telecommunication companies in the US. Oracle FS has already signed up for Oracle Financial Services Lending and Leasing.

Oracle Flexcube gains adoption in Uganda

Housing Finance Bank in Uganda is also focused on modernizing technology through Oracle FS. In October last year, the bank announced it would adopt a new core system provided by Oracle FS. The new solution would replace the legacy core, which Intellect Design Arena supplies.

The bank considered the previous provider and Oracle FS before settling on the latter to improve its technological position. The managing director at Housing Finance Bank, Michael K Mugabi, said speeding up its services was “critical” for the bank. The bank also plans to implement the payment solutions offered by Oracle alongside APIs and enterprise service bus (ESB).