IT solutions vendor Oracle has
launched a new banking platform, developed
with National
Australia Bank (NAB), which customers of NAB’s direct banking
subsidiary UBank have migrated to earlier in 2012 and now the
platform is being offered to other lenders.  

In 2008, NAB deployed Oracle’s flagship i-flex
core system but as the project evolved a new platform emerged and
so far only UBank is live with the platform. The Oracle Banking
Platform is initially being targeted at banks in Australia, New
Zealand, Canada and the US seeking to replace their legacy banking

The new
platform has been
designed as a native SOA platform,
enabling banks to implement “key enterprise services, deliver on
customer centricity, enrich channel capability, drive process
improvement and tie it in with their existing applications and
technology”, according to Oracle.

Through pre-integrated enterprise applications
and the underlying Oracle technology stack, the new platform can
also enable the reduction of in-house integration, testing efforts,
IT costs, and improve time-to-market.

General manager for Oracle Financial Services
global business unit, Frank Brienzi, said: “Oracle Banking Platform
provides a comprehensive suite of applications that makes the
replacement of core systems viable for large banks, enabling
strategic choices as well as providing a high level of flexibility
and value.”