Iraq’s Rafidain Bank revamps tech with Oracle
EXCLUSIVE. Iraq’s largest bank, Rafidain Bank, is understood to be implementing a suite of new Oracle software.
These include Oracle Flexcube Universal Banking for core banking, Oracle Banking Digital Experience for its digital channels, and Oracle Banking Payments.
According to FinTech Futures’ sources, the deal was signed last year.
It is understood the new tech will replace Finastra’s Fusionbanking core banking system.
Rafidain is a long-standing client of Finastra, formerly Misys. It used its legacy Bankmaster system for many years, and in 2012 signed to upgrade to Fusionbanking.
Oracle says “a leading Iraqi bank” has chosen to implement these solutions in its Q2 2019 financial results report, although the name wasn’t revealed.
Neither the bank nor Oracle have replied to our comment requests.
Earlier this month, Rafidain Bank expressed its readiness to establish branches in Iran, said Secretary General of Iran-Iraq Chamber Hamid Hosseini, according to the Tehran Times.
Recently, FinTech Futures reported that Banco Votorantim in Brazil, Ghazanfar Bank in Afghanistan, Prince Bank in Cambodia, and FEDinvest in Albania were implementing Oracle FSS’s Flexcube core banking system.