In the early 1990s, Citibank decided to outsource banking software development to India. Not an unusual decision, but somewhat unusual the approach to it they chose – they set up an Indian subsidiary (iFlex) to develop banking software for them, but also decided the subsidiary would sell the software as a product to other banks. So Citibank owned an Indian subsidiary which developed banking software both for Citibank and also for others. And then Citibank sold that subsidiary to Oracle in the 2000s, and Oracle renamed it from i-Flex to OFSS. Actually Oracle owns the majority of it but a minority of it is publicly listed on the stock exchange in Mumbai.
It isn't just one product, it is a whole suite of banking software applications. I know there are banks who have deployed just certain apps out of the suite and integrated those apps with their legacy core banking. Or, you can buy it all and use it for everything. Given Citibank is the original customer, I imagine they use more of it rather than less of it, but I’m just guessing.
In the early 1990s, Citibank decided to outsource banking software development to India. Not an unusual decision, but somewhat unusual the approach to it they chose – they set up an Indian subsidiary (iFlex) to develop banking software for them, but also decided the subsidiary would sell the software as a product to other banks. So Citibank owned an Indian subsidiary which developed banking software both for Citibank and also for others. And then Citibank sold that subsidiary to Oracle in the 2000s, and Oracle renamed it from i-Flex to OFSS. Actually Oracle owns the majority of it but a minority of it is publicly listed on the stock exchange in Mumbai.
It isn't just one product, it is a whole suite of banking software applications. I know there are banks who have deployed just certain apps out of the suite and integrated those apps with their legacy core banking. Or, you can buy it all and use it for everything. Given Citibank is the original customer, I imagine they use more of it rather than less of it, but I’m just guessing.