Italian Core Banking Market Takes Major Leap Forward with Cabel and Oracle

Invest Banca S.p.A. is the first Italian bank to implement Oracle FLEXCUBE, localized and integrated by banking outsourcer Cabel Industry S.p.A.

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Jun 15, 2018, 05:00 ET

REDWOOD SHORES, Calif., June 15, 2018 /PRNewswire/ -- Cabel, an IT service provider for the financial services market in Italy since 1985, and Oracle Financial Services Global Business Unit, announced the availability today of Oracle FLEXCUBE for the Italian market. Oracle FLEXCUBE is a core banking solution that has been adopted by more than 600 financial institutions around the world.

Cabel and Oracle have collaborated since 2016 to localize the Oracle FLEXCUBE solution to improve the process of marketing new products and services to the Italian market, where client requirements are evolving rapidly. In recent months, the Oracle FLEXCUBE solution has been adapted to the regulations governing the Italian banking market and is now fully able to support the typical activity of the Italian banking system.

"The attitude of the banking system towards innovation is changing and at the same time there is a growing interest in the world of fintech. Invest Banca, thanks to the Oracle FLEXCUBE solution, has taken a decisive step forward. We went live with this Open Banking Platform May 7th and Oracle FLEXCUBE now allows us to easily and efficiently integrate with a series of specialized solutions already in use by our retail and institutional clients, but moreover, it allows us to keep apace with ever more demanding banking regulations, such as MiFID, PSD2 and GDPR. It also facilitates our interaction and experimentation with the latest technology advances such as Robo-Advisor, artificial intelligence, data science, social trading and blockchain," said Stefano Sardelli, Managing Director of Invest Banca."

Cabel implemented the Italian version of Oracle FLEXCUBE making it possible to integrate in an already live and running banking system covering other banking operations. The solution can be outsourced or used on premise.

"This is a radically innovative solution, because it is a technology that facilitates the creation of lean products and services that are independent and based on completely different and more modern logic than traditional core banking systems in Italy," said Francesco Bosio, President of Cabel Holding S.p.A.

"Oracle's strategy is to work with leading local partners, who bring local domain skills to our best-in-class global solutions," said Chet Kamat, Senior Vice President, Banking, Oracle Financial Services. "Cabel is an innovation-oriented company and we chose to work with Cabel knowing it could fully utilize our modern, flexible technology to respond to the changes imposed by the digital age. As a result, Italian banks will see a significant improvement in their own productivity and market offerings – and their customers will get the benefit of excellent customer experience."

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