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Daily Closing for Banks with Oracle E-Business Suite

A bank can never have integrity issues. This is why our client, one of the five largest private commercial banks in the Philippines, chooses carefully. With Fountainhead, they chose right. We did a single-instance implementation for four of their companies. With over 300 branches, they handle over 500,000 transactions a day and they needed a financial system that could handle the volume and level of detail involved, including daily closing. Fountainhead accomplished the first Oracle E-Business Suite implementation for a bank in the Philippines in under a year.


The state of the universal and commercial banking industry in the Philippines is promising, with banks expanding loan offerings to both corporate and SME clients as a result of the renewed interest in Philippine economy. In 2010, Fountainhead Technologies, Inc.'s services were requested by one of the five largest private domestic commercial banks in the Philippines.  They needed a system overhaul that could accommodate its double-digit income growth rates and its consolidated resources that have reached almost 300 billion. Having to coordinate 4 companies with 27 banking systems, almost 300 branches, and over 500 accounting lines is challenging to say the least. Fountainhead provided full support at RCBC's head offices while online was training was conducted for their personnel all over the country. The added requisites of dealing with multi-currency financial operations deepened the challenges entailed the project.

The enormity of the task, as well as the detail involved in banking financials, was competently managed by the Fountainhead team.  While many business packages only offer monthly closing, the Oracle E-Business Suite with DBA Financials and Procurement modules implemented by the Fountainhead team provided daily closing options. Players in the banking industry are aware of the significance of daily closing modules and the need for daily financial statements, which are only some of the features included in the package installed. This instance was the first Oracle E-Business Suite implementation for a bank in the Philippines where General Ledger, I-Procurement and I-Expense modules were deployed to more than 300 branches (plus 2 head offices). Despite all of this, it took Fountainhead less than a year to fully implement the system—again proving that particulars and detail need not be sacrificed with large-scale implementation.

Modules Implemented:

General Ledger

Payables

Receivables

Fixed Assets

Cash Management

I-Expense

Purchasing

I-Procurement

 


 

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