FTI and Oracle Forsee Financial Services Solution
FTI and Oracle Forsee Financial Services Solution
Oracle (Redwood Shores, CA) and Financial Technologies International (New York) have announced an agreement to combine technologies for use in the financial services market. FTI's Accounting Engine and Global Financial Data Model (GFDMTM) products will be integrated into Oracle's Financial Services suite of enterprise business applications. Oracle will provide implementation, support, education and other services for the integrated product suite; the two companies will continue to work on product integration and further development. The deal bolsters Oracle's financial services application suite, which now offers general ledger and profitability features for financial institutions. "We see this new alliance between our old partners as an advantage to us, providing greater opportunities to consolidate systems and information for more effective business management," said Wayne Dove, director of Luxembourg-based Cedel Bank. Combined, the technologies will also provide compliance, risk, credit, audit, regulatory, and legal applications, according to Charles Lewis, FTI chairman and CEO. "This solution will provide a roll-up and drill-down capability that is unprecedented in the financial industry." In the end, added Steve Perkins, Oracle senior VP of financial services, the goal is to "help financial services institutions operate and manage their businesses more effectively, and to refine customer relations and services."