ESAF Small Finance Bank replaces FIS’ Profile with Oracle Flexcube as new banking core
ESAF Small Finance Bank, which specialises in banking services for India’s underserved communities, has transitioned to Flexcube by Oracle FS as its new core banking solution.
ESAF Small Finance Bank selects Oracle Flexcube
Flexcube replaces the bank’s existing core, Profile by US-based tech provider FIS, which has been in use since ESAF’s inception in 2017.
FIS entered the Indian market in mid-2010s with an outsourced version of its flagship Profile offering, aimed at small and mid-size domestic financial institutions. The solution had a handful of takers, including ESAF and Kolkata-based Bandhan Bank. The latter also chose Flexcube to modernise its tech stack and went live with the new system earlier this year.
Featuring an in-built library of over 1600 RESTful services and an embedded machine-learning framework, Flexcube will support a range of core banking functions at ESAF, including account management, transaction processing and loan disbursement.
A former non-government organisation (NGO), ESAF was founded to serve “people at the bottom of the pyramid”, its website states.
The bank, based in Thrissur, currently serves 5.6 million customers and small businesses across 23 states in India. Its remit includes current and savings accounts, deposit and lending services, pension schemes and instant payment capabilities, which are delivered through the country’s Unified Payments Interface (UPI), launched in 2016.
