CSC to Host Oracle FLEXCUBE Core Banking Solution for Mid-Tier Banks in North America
Cost-effective, Hosted Solution Offers Banks a New Delivery Option
FALLS CHURCH.- CSC (NYSE: CSC) today announced that it is offering banks Oracle FLEXCUBE on a managed hosting basis. This new offering leverages Oracle’s financial services software assets and CSC’s managed hosting operational capabilities to provide mid-tier banks, initially in North America, with economical access to a modern and comprehensive, core banking solution with both retail and commercial banking functionality.
The hosted deployment model offers a total cost of ownership advantage without the costs associated with a traditional in-house implementation. The new offering also provides an opportunity for banks to replace legacy core banking systems that are expensive and inflexible with a secure hosted solution managed by CSC. FLEXCUBE, installed at banks in more than 120 countries since 1999, is a complete software suite for retail, consumer, corporate, investment, private and direct banking, asset management and investor servicing.
“More banks in the mid-tier are viewing hosted, platform-agnostic solutions as an attractive alternative for managing costs and improving efficiencies,” said Tom Brogan, research director of Retail Banking for TowerGroup. “The challenge is developing solution alternatives that contribute to a bank’s growth by providing functionality, efficiency enhancements and reliability at a predictable cost.”
“CSC is one of the few leading information technology providers to focus specifically on managed hosting services as a core line of business,” said R. Ravisankar, vice chairman, Oracle Financial Services Software Limited, and group vice president, Oracle FSGBU. “Banks demand secure, highly available environments with 100 percent reliability, and we are pleased to tap CSC’s proven hosting capabilities to offer banks a new delivery option for FLEXCUBE.”
This initiative between CSC and Oracle extends an alliance formed in 1992 aimed at driving innovation and delivering quality technology and client service by offering solutions in key industry segments. It is the companies’ second collaboration focused on delivering a packaged banking industry solution.
“CSC has joined forces with Oracle again to empower banks by offering them a best-in-class core processing platform on a hosted basis,” said Jim Cook, president of CSC’s Financial Services Sector. “Together, we are providing an affordable, leading-edge alternative for mid-tier banks, enabling them to better compete in a crowded global marketplace.”
CSC offers comprehensive management and hosting of leading packaged applications from state-of-the-art data centers equipped with the latest hardware, software, network, security, monitoring and disaster-recovery technology and services. For more than 30 years, CSC has been providing financial services-specific hosting and business process outsourcing services across the entire lending life cycle. CSC is one of the largest independent consumer finance servicers, administering more than seven million loans and related contracts.
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