ORACLE FIN GETS MEGA DEAL FROM ICICI BANK

PP Thimmaya, Bangalore, January 12, 2009
The Economic Times (Mumbai edition)

Oracle Financial Services Software, formerly known as iflex solutions, has bagged a multi-million-dollar deal from ICICI Bank for implementing its risk management solution Reveleus.

Under the deal, Oracle Financial’s Reveleus will be implemented across all the operations of ICICI Bank both in India and overseas, according to the sources. However, the exact value of the deal could not be ascertained. When contacted regarding the development, Oracle Financial Services said that they could not comment on this, as they were in their silent period in the run-up to the third quarter results.

The deal comes as a major shot in the arm for Oracle Financial Services and also gives it a very strong foothold in the Indian market, especially in risk management solutions. It also comes at a time when majority of the corporates are rethinking on their IT investments. This has been one of the key wins for Oracle Financial, after bagging major orders from Australian banks —WestPac and NAB.

Reveleus is a risk management solution, which enable institutions to have a better understanding of their current risk exposure, be it in the form of credit, market or operational risks. In fact, ICICI Bank has taken the entire suite of the Reveleus product and it also puts the entire spotlight on the risk management practices of the banking institutions in India. On the other hand, ICICI Bank’s core banking solution is of Finacle from Infosys. ICICI Bank is already a customer of Oracle for its database products.