Oracle Corp. and Financial Technologies International have signed an agreement to integrate products from FTI into the Oracle Financial Services suite of enterprise business applications. Oracle will sell New York-based FTI's Accounting Engine and Global Financial Data Model. Oracle will also work with FTI on product integration and further development.
The Accounting Engine and data model can record the financial impact of transactions in any number of currencies. Oracle users will be able to fully account for and calculate the profitability of products bought and sold across their entire enterprises.
"With the addition of Accounting Engine and Global Financial Data Model, Oracle Financial Services can consolidate all types of cash and securities transactions across currencies, legal entities, products, and operations," said Charles J. Lewis, FTI chairman and chief executive officer.
Among the clients served jointly by Oracle and FTI is Cedel, a Luxembourg-based bond clearing house.