IT solutions provider, Oracle Financial Services Software, today announced a new version of its product, named Oracle Flexcube Universal Banking.
Oracle Flexcube would help banks significantly reduce costs, accelerate return on investment, Oracle Financial Services Software said in a filing to the Bombay Stock Exchange.
"Oracle Flexcube marks a significant milestone, by providing unmatched extensibility and integration capabilities combined with operational support," said Executive Vice President Banking Products Oracle Financial Services Software Joseph John said.
Oracle is also launching "Oracle Flexcube Integration Lab" to provide customers with secure access, it said.
The plan brings together Oracle's vast experience by supporting banks in more than 125 countries and with a combined asset base in excess of $30 trillion.
It would also provide complete support for lending,leasing, servicing and collections.
Further, it would help banks improve their reach and generate fee-based income through better intermediary and broker-aided distribution of products to target segments.