Today’s financial services landscape calls for seamless, rich and individualized online and mobile experiences for consumers, new ways to meet increasing regulatory pressures and the ability to continually drive improved performance. Oracle Flexcube has expanded capabilities to support these areas including new contactless payment and rich, personalized portal enhancements as well as new Society for \t “_blank” Worldwide Interbank Financial Telecommunication (SWIFT) certification and Tax Compliance Act (Fatca) compliance.
Oracle Financial Services Software Limited introduced new capabilities that help financial institutions to support regulatory compliance, offer richer and more personalized customer experiences, improve performance and streamline their IT environments.
Supporting regulatory compliance
With Fatca provisions set to take effect in July 2014, the Flexcube provides new features to help faciliate compliance and reduce risk. These features include support for due diligence for new customer onboarding and existing customers to identify United States individuals and US-owned foreign entities.
Enhancing customer experience
Flexcube Mobile Banking now supports contactless payments, including near field communication (NFC), quick response (QR) code support, person-to-person (P2P) and social media payments, enabling banks to offer a new level of convenience and flexibility for customers.
Flexcube Direct Banking enables banks to provide more comprehensive, flexible and consistent service as well as greater customer convenience with end-to-end multi-channel, multi-step and multi-device collaborative originations capabilities for retail and corporate customers. It also provides expanded customer self-subscription and onboarding features and enables full-scale straight through processing (STP) and support for offline processing.
Corporate banking users of Flexcube can now take advantage of the enhanced bulk payment capability to help streamline operational efficiency and reduce risk.
Named Swift Certified Application for Payments 2013
The enhanced platform also integrates more easily with multiple channels, such as call centers, ATMs and kiosks to quickly and effectively enable customers to access their accounts.