JDB launches new Flexcube core banking system
JDB launches new Flexcube core banking system
The Joint Development Bank (JDB) recently launched its new Flexcube core banking system, which aims to upgrade and modernise the company's operating systems.
A ceremony to mark the successful implementation of the new core banking system took place on Friday, attended by the Chairman of the JDB management board, Mr Ekkaphan Phaphithak, Deputy Director General Mr Khamhou Thongthavy, the project management team and banking staff.
This project involved implementing the Flexcube suite of core banking and direct banking products and data migration by replacing the legacy core banking system, said Mr Pramod Devaiah, Oracle Project Manager for the Flexcube implementation project.
He explained that the project kicked off on February 16, according to a mutually agreed plan, milestones and results to be achieved.
The project was executed along the Oracle Unified Methodology. Industry best practices of project management, project execution and data migration were employed during the course of the implementation.
The project was closely monitored and tracked to ensure it achieved successful completion. All the pre-defined goals have been successfully achieved.
JDB went live on Oracle Flexcube on February 22 and has completed six weeks of operations across all branches, service units and active channels.
This would not have been possible without the effective team work and coordination among the Oracle and JDB project teams, Mr Pramod said.
He said Flexcube has more than 500 customers across 120 countries. JDB is the sixth Flexcube customer in Laos.
Flexcube has a commanding presence in the region with five banks in Myamar, 10 banks in Cambodia and 17 banks in Vietnam.
This project reaffirms that Flexcube is the best suited core banking product for the country and the region. The implementation success reconfirms Oracle's commitment and delivery competence for such projects.
JDB is equipped with a robust Flexcube core system to achieve its business goals. Flexcube has enabled JDB to launch new transactions as well as existing services to its customers with quick turnaround time.
With Flexcube as the one stop shop for all the business information, JDB is better enabled to ensure its compliance with new regulations and guidelines, analyse its business trends and better service its customers.
Mr Ekkaphan acknowledged the value of the success of the project and advised the project management team to continue developing its financial services to offer more facilities to customers.
JDB currently provides its customers with several kinds of financial services for business and has worked on improving its services so that it is accepted both at home and overseas as a facility that is reliable, convenient and trustworthy.
For more than two decades, JDB has been providing its customers with the most modern technology systems, matching international standards, especially focusing on customers' principle demands.
This will build benefits for both the customers and banks and allow them to grow together and align with the millennium development goals of the Lao PDR, according to JDB.
