Oracle Financial Services Software Limited (OFSS) is a subsidiary of Oracle Corporation. It is involved in financial and insurance technology.
The company claims to have more than 900 customers in over 145 countries. Oracle Financial Services Software Limited is ranked No. 12 in Top 20 IT companies in India by Rediff.com, and overall ranked No. 253 in Fortune India 500 list in 2011.
In 1992, the non-Citi operation’s software business was spun off into a separate company, Citicorp Information Technology Industries Ltd. (Citil), subsequently called i-flex Solutions. The venture headed by Rajesh Hukku received a seed funding of $400,000 from Citi corp. Citil inherited the legacy software Microbanker from Citi Overseas Software. With the revenue from selling Microbanker to customers in mostly in Africa and later to other markets, Citil invested in developing Flexcube, their next software product. Flexcube was very successful and claimed the top spot in annual sales ranking by International Banking Systems, a U.K.-based industry publication in 2002.
Oracle Financial Services Software Limited has two main streams of business. The products division (formerly called BPD – Banking Products Division) and PrimeSourcing. The company’s offerings cover retail, corporate and investment banking, funds, cash management, trade, treasury, payments, lending, private wealth management, asset management, and business analytics. The company undertook a re-branding exercise in the latter half of 2008. As part of this, the corporate website was integrated with Oracle’s website. Various divisions, services, and products were renamed to reflect the new identity post alignment with Oracle.
Recently, Oracle Financial Services launched products for Internal Capital Adequacy Assessment Process, exposure management, enterprise performance management and energy, and commodity trading compliance.
The company promotes its BPO business process outsourcing business via its subsidiary Equinox Corporation which is based in Irvine, California.