Malta-based Bank of Valletta (BOV) is modernising its core banking software with Flexcube from Oracle FSS.

The new solution will “underpin all of the bank’s corporate and retail bank offerings across multiple channels,” according to Taddeo Scerri, BOV group chairman.

It will replace Temenos’ T24 core banking system. Temenos was chosen by the bank in 2010 to replace a legacy solution, Profits, supplied by another banking software supplier, Intrasoft International.

The bank’s CEO, Mario Mallia, adds that Flexcube will improve BOV’s customer service, enable “simpler access to information and service” and provide “seamless navigation across channels”.

He adds that the broader modernisation project has been underway at BOV for two years now, including establishing the business, security and IT requirements.

The implementation of Flexcube is not an isolated IT project but is intrinsically linked to the bank’s strategy, Mallia states.

Other Flexcube users in Malta are FIMBank (international trade finance specialist) and Pilatus Bank (private and commercial banking for high net-worth individuals and financial institutions in Europe, Asia, and the Americas).

Last year, another bank in Malta, APS Bank, completed a major technology overhaul – it went live with the ICBS system supplied by a Lebanese banking software vendor BML Istisharat.

ICBS ousted the aforementioned Profits system from Intrasoft International. Oracle FSS also bid for this deal, but lost to BML.