Oracle also use Industry Model Banks and other financial institutions are no exception to the mushrooming and burgeoning of software use in the age of the computer. Of course banks have been using computers to record their transactions for decades, way before the arrival of the World Wide Web, even before the private citizen could afford them (incidentally, a bank teller once embezzled thousands of dollars from customer accounts from 1970 - 1972!). However, today's banking software towers high above that used in the past in terms of what it can do; an indeed, online banking is an essential part of today's financial services, so that those who have bank accounts can now view their transaction histories and current balances online, without having to go to the brick and mortar location for that purpose. They can also transfer funds between their checking, savings, and other accounts, and even (using Paypal) transfer money stored elsewhere to their banking accounts. Financial services software and collateral management software have also been and will continue to be developing alongside of that used for banking, and this article will deal with all three.
One of the biggest names in financial services software is Bloomberg LP. Founded in 1981 and headquartered in New York City, this company provides such software and other services to banks all over the world, beginning with Merrill Lynch. It has recently acquired the British based energy investment firm New Energy Finance.
In the United Kingdom, there is Temenos, "the Banking Software Company", activebank Treasury and ibis s2 are two of its banking solutions. Activebank Treasury can be used to handle large volumes of trade, providing automatic updates to the ledgers and to the finance positions of traders and groups. It can also be used to perform risk management, providing the banker with all the information that he needs to make such a decision. Ibis s2 is "a revolutionary banking system delivered in an evolutionary way." It has an SQL database which is available for use at any time. (SQL means "structured query language" and refers to a computer language designed for making database searches.) Transactions of every type that have been made with customers may be viewed (they describe this solution as being "customer centric"), and modular systems can easily be selected to meet differing business needs.
Oracle Financial Services Software provides not only software for banks much like the kinds described above, but also an app called Oracle FLEXCUBE Private Banking, which wealthy private individuals can use to manage their customers' wealth. They can also asses risk profiles, recommend which investment strategies to use, and make an analysis of their portfolio exposure. Oracle also has CBM Analytics, Lease Management, and countless other modules for both public and private finances.
Collateral management software is marketed by such firms as Rockall Technology, which has headquarters in the United States, Ireland, and the United Arab Emirates. They have some solutions made for wholesale banking, and others for retail and commercial banking. Functions for the latter include Workflow, to help determine the routing of email alerts, and a Data Manager to put a price on property being put down as collateral.
Financial services software and Banking software have also been and will continue to be developing alongside of that used for banking, and this article will deal with all three.