EXCLUSIVE: Bank Alfalah selects Oracle Flexcube for corporate banking
Pakistan-based lender Bank Alfalah has picked Oracle and its Flexcube core banking system, FinTech Futures understands.
The system is being deployed across Bank Alfalah’s corporate banking operations. It includes modules for cash management, liquidity, supply chain and more.
Flexcube will be implemented alongside Temenos T24 (now known as Transact), the bank’s existing retail core banking system. The two platforms will integrate and run cooperatively.
Bank Alfalah has also signed up to the Oracle Banking Digital Experience (OBDX), a front office digital platform, for both retail and corporate banking operations, it is understood.
FinTech Futures understands that Temenos offered its own front office combination, consisting of Kony (a US-based digital channels software vendor acquired by Temenos last year) and Temenos Infinity, but the bank went for Oracle instead.
Bank Alfalah is a subsidiary of the Emirati Abu Dhabi Group. It is one of the largest private banks in Pakistan with a network of over 700 branches in 200+ cities.
The bank holds around $6.5 billion in assets and deposits of around $4.6 billion.
FinTech Futures contacted Oracle for comment on the deal but received no reply by time of publication.