Oracle strikes deal with Slovenia’s SID Bank for core banking and payments technology
US-based software provider Oracle has signed the first taker for its Flexcube core banking solution in Slovenia.
SID Bank taps Oracle for banking tech
Established in 1992 and based in Ljubljana, SID Bank operates as a promotional development bank and export credit agency (ECA), providing insurance and financing on behalf of the Republic of Slovenia to promote internationalisation for the country’s export companies.
As part of its wider endeavour to enhance Slovenia’s international business competitiveness, the bank has now been revealed as one of the latest adopter’s of Oracle’s Flexcube.
According to Oracle’s latest financial statement, the bank has signed a broad deal that will see it adopt the company’s core banking, payments, trade finance, treasury and corporate lending applications.
Following in the footsteps of FDB Bank in Myanmar, the London Stock Exchange Group (LSEG) in the UK and more recently, CSB Bank in India, SID Bank has become the latest financial institution to tap Oracle for its banking technology, and is believed to be the first bank in Slovenia to partner with the Texas-headquartered vendor.
Although SID Bank did not respond to FinTech Futures‘ request for comment on the implementation, its activities at large signal a growing need for more powerful banking technology.
Last year, the bank was named as a direct implementing partner of EU centralised financial instruments for the European Commission in April, and followed this by announcing two major financing deals with the European Investment Fund and the German development bank KfW in June.
