Upgrading Our Core Banking System to Oracle

In Europe there are hundreds of payment service providers similar to FinXP. The payments market is very competitive, and that’s actually a very good thing for you (and for us). This competition brings out the best in us and this is why FinXP has been going from strength to strength.

As a company, we are not only ultra-determined to establish ourselves as a leader in the European payments market, but we are fully committed to offering a combination of an excellent product experience, and an excellent customer experience.

How are we going to continue making strides forward?

That’s where Oracle Flexcube, our brand new core banking system, enters into the conversation. Oracle Flexcube is a leading core banking system, used by some of the largest banks around the world. It’s like the gold standard in its category.

How does Oracle take us to the next level?

Our co-founder and CEO, Jens Podewski, explains that “this development represents a significant investment from the company that will improve operational efficiency, reduce time to market for upcoming products, and it also greatly expands our Open Banking capabilities. This is a very exciting and important milestone for the company”.

Focusing a bit more on Open Banking, Oracle provides hundreds of APIs and these are all opportunities to integrate with other systems, facilitate collaboration, and create new efficiencies. These days, Open Banking is not optional; like it or not the Fintechs and banks that innovate will be successful in the long run. And whether or not business clients understand what open banking is, their productivity and reliability will benefit enormously from such development.

With Oracle Flexcube, we look forward to simplifying our clients’ financial transactions and enhancing our value in making banking an effortless experience.

What else is going to change?

Oracle Flexcube introduces new features in our current products. For example with IBAN4U, accounts can now have users with different permission levels, reporting is more extensive, and there are now better in-built mechanisms to control abuse.

Beyond our current products, we are also going to be able to introduce new products and features that were harder to introduce in the past.

Conclusion

This upgrade to Oracle is a game-changer and gives us the kind of technological infrastructure necessary to take our products and customer experience to the next level in our industry.

In the coming months, we’ll be making many exciting product announcements, so that we can see to your payment needs in new and better ways.

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