Oracle to unveil data tools under Basel II norms

Oracle Corporation is ready with a twin solution, which will solve problems related to data management "" a vital input while complying with Basel II norms.

Alan G Payne, vice-president, financial services, Asia Pacific, Oracle Corporation, said China and India, being less evolved than US, or European countries, have a major problem in their hands in terms of data management.

"The Basel II system is useless if there is inadequate data," he said. Basel II norms, which will assess the risk capital of banks, will come into effect in 2007.

Oracle's Financial Services Accounting Hub solution is designed to solve all data-related problems and make them available to those who need them at the right time. It can access data from anywhere in any form, and process the data according to the needs of the customer.

It even customises itself according to the accounting standards followed by each country.

"Our solutions will help companies with their data accuracy," said Payne.

Currently these products are in the pilot stage and will be available in China and Australia from May. It will be introduced in other markets such as India, depending on the demand for it.

Payne pointed out that India was the second biggest growth market in the financial services sector after China. While the Chinese market (for software solutions) was growing at 12 per cent, India was growing at 10 per cent.

While in India the insurance segment is a major driver in the financial services sector, globally the banking sector is the main driver for the financial services sector.

At present more than 80 per cent of the Indian BFSI (banking, financial service, insurance) companies run their business on Oracle applications.

Banks, which have adopted the real time gross settlement system, use Oracle's technology infrastructure, while all large financial institutions (including banks) use the company's applications.