South African fund administrator Maitland has gone live with Oracle FLEXCUBE Investor Servicing for its retail administration services, while Hungarian MKB Bank has mandated the technology to replace its core banking system.
The South African mandate is intended to provide Maitland customers with an improved administration solution, as part of a wider revitalisation programme for Maitland’s global transfer agency business.
The change should facilitate the launch of a new product line offering investor servicing to retirement and life products.
Jim Clark, head of transfer agency services at Maitland, said: “Maitland is now able to provide investor record-keeping services for South African pension funds, annuities, endowment and certain types of discretionary portfolios. This is the first step on the journey to offer our clients a multi-product, multi-currency, multi-domicile platform to support their distribution and investor servicing.”
Chet Kamat, senior vice president of Oracle Financial Services, said: “Today’s consumers are demanding better and more sophisticated investment options, and FLEXCUBE Investor Servicing is designed to bring agility and scalability to the asset management and transfer agency businesses by providing them a best in class, easy to configure and manage platform.”
The mandate to replace the core banking system of MKB Bank is intended to reduce operational costs while improving go-to-market time for new products.
Oracle FLEXCUBE could also improve processing times in loan origination, account opening and account processing. It could also improve flexibility in responding to client needs, offering reduced risk in a more cost-effective way.
Mark Hetenyi, chief financial officer and COO for MKB Bank, said: “Oracle FLEXCUBE has the flexibility and process orientation that allows us to respond to customer needs in a dynamic and more efficient manner, while we reduce cost, time and effort through the entire process chain.”
“Shortening processing times of traditional activities, such as the time it takes for a business to get a loan or a customer to open a new account, leaves us with precious resources to concentrate on value added activities and to develop sector specific product offerings.”
Kamat said: “Our proposition of best in class applications, technology and hardware backed by risk mitigated transformation services helps banks make aggressive moves in the market and deliver highest degree of customer satisfaction.”
